Saudi Tourism Development Fund aims to attract 100 million tourists by 2030

Friday, April 7, 2023

Saudi Arabia’s tourism prospects are improving as the government continues to invest in the industry, with 23 projects now under construction at a total of SR16 billion ($4.26 billion), Arab News reported.

The Tourism Development Fund, the Kingdom’s primary investment instrument in tourism, aims to attract 100 million visitors by 2030.

TDF also inked a collaboration agreement with the General Authority for Small and Medium Businesses, or Monsha’at, to boost the tourism industry, according to Al-Eqtisadiah. This breakthrough comes as the total value of SME projects now in development exceeds SR1 billion.

According to the terms of the agreement, both sides will collaborate to identify potential possibilities for qualified entrepreneurs and shop owners to capitalise on franchising operations in the Kingdom’s chosen tourism areas.

This step will assist secure the long-term viability of those businesses as well as the continuity of their operations in accordance with the National Tourism Plan.

Furthermore, this agreement demonstrates the Fund’s eagerness to create a framework to further empower and assist tourist establishments through the Fund’s programmes, financing, and investment options.

The Fund also intends to build an integrated framework to assist establishments selected to benefit from finance and investment programmes by providing them with chances to broaden the scope of their commercial activity through commercial concession to include the designated tourist destinations.

TDF established the AWN Tourism and Hospitality initiative in December to assist SME tourism enterprises by providing flexible financing loans totaling SR10 million with payback terms of up to ten years.

Apart from promoting commercial franchising, the programme also offers the resources required by targeted projects to address the demands of the accommodation, restaurant, café, and entertainment industries.

“Small business owners, too, have great business ideas; all they need from time to time is motivation and financial support to thrive. We are confident our new initiative will give them this opportunity while encouraging knowledge sharing, entrepreneurship, and job creation in the Kingdom,” Arab News quoted Qusai Al-Fakhri, the CEO of TDF, saying at the launch of the initiative.

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