Saudi Tourism Development Fund launches Tourism Finance Program

The Tourism Development Fund (TDF) announced today, June 13, launching the Tourism Finance Program that is designed to provide the best solutions and soft financing products for small and micro enterprises.

The program will enable such enterprises to benefit from promising opportunities in the various fields of tourism.

The announcement was made after the Riyadh-based fund signed a financing agreement with Arab National Bank (ANB).

The move is part of the fund’s efforts to enhance tourism opportunities in the main destinations identified by the National Tourism Strategy and to maximize the societal impact of tourism development projects in the Kingdom.

Commenting on the deal, the fund’s CEO Qusai Al-Fakhri expressed optimism about the important role that the program will play in achieving the objectives of the fund by supporting micro and small enterprises and entrepreneurs in the field of tourism.

Under the agreement, both parties will develop a financing mechanism supported by the joint financing program at a total value of SAR 300 million. They will provide all enablers as well as advisory and financing support for small and micro enterprises to make use of the promising opportunities in the tourism sector, contribute to GDP support and provide job opportunities.