Saudi Tourism Fund signs MoU to encourage entrepreneurs

 Monday, September 26, 2022 


The Tourism Development Fund of Saudi Arabia recently signed a MoU with Saudi Endeavor Network with a mission to help the locals and international entrepreneurs who are associated with tourism.

This MoU was signed at the Future of Hospitality event organized in Dubai. For entrepreneurs, this agreement is all set to increase opportunities with support programs, investment solutions, financing and services that both parties already provide.

Qusai bin Abdullah Al-Fakhri, the CEO of the tourism fund, said that the Tourism Development Fund asserts its eagerness to help as well as give power to the targeted entrepreneurs, to reach the best experiences in entrepreneurship globally, and to get the tourist experience better by setting up of tourism technologies and quality projects.

Latifa Wallan, Endeavor Saudi Arabia CEO, stated that the company will support businesses in tourism in accordance with Saudi Vision 2030 goals.

Saudi Endeavor Network is the local agent of Endeavor International, a nonprofit organization that offers entrepreneurs and start ups with promotion, speeding up, and mentoring opportunities in the Kingdom.

The tourism spending in Saudi Arabia, in general, comprising foreigners and residents, in 2021, increased 52 percent to SR95.6 billion from SR63.4 billion the year before. This data was published by the Saudi Central Bank, also known as SAMA.

The domestic tourism in the Kingdom, as per SAMA, which includes residents going for vacation, in 2021, increased 86.6 percent to SR80.9 billion from SR43.35 billion in 2020.

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