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10-04-23

Saudi Arabia Invests in Tourism Development with 23 Projects Underway

(MENAFN) Saudi Arabia's government is investing in the tourism sector, with 23 projects currently under development, valued at SR16 billion (USD4.26 billion). The Tourism Development Fund (TDF), the prime vehicle for driving tourism investment in the Kingdom, has set a goal to draw 100 million visitors by 2030. To achieve this, TDF has signed a cooperation agreement with the General Authority for Small and Medium Enterprises (Monsha'at) to fuel the tourism economy, as reported by Al-Eqtisadiah.

Under the terms of the agreement, TDF and Monsha'at will work together to identify potential opportunities for qualified entrepreneurs and shop owners to franchise their businesses in the Kingdom's targeted tourist destinations. This move will ensure the sustainability of these enterprises and their activities, in line with the National Tourism Strategy. The agreement also affirms TDF's commitment to developing a framework to enable and support tourism establishments through its programs, financing, and investment solutions.

TDF is seeking to establish an integrated framework that would support establishments nominated to benefit from financing and investment programs by providing them with opportunities to expand the scope of their commercial activities through commercial concessions that cover the targeted tourist areas. Last December, TDF launched the AWN Tourism and Hospitality program to support SME tourism businesses by offering flexible financing loans worth SR10 million and a repayment period of up to 10 years. The initiative also provides targeted projects with the resources they need to meet the needs of the lodging, restaurants, cafes, and entertainment industries.

According to Qusai Al-Fakhri, the CEO of TDF, small business owners have great business ideas, and all they need is motivation and financial support to thrive. The AWN Tourism and Hospitality program aims to provide such opportunity while encouraging knowledge sharing, entrepreneurship, and job creation in the Kingdom. With the government's investment in the tourism sector and TDF's initiatives, tourism prospects in Saudi Arabia are getting brighter, and the country is set to become a top tourist destination in the region.
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