Saudi’s Tourism Development Fund inks $42.66bn financing deal for key projects
The Tourism Development Fund was founded in June with an initial $4bn investment and aims to diversify the economy
Saudi Arabia’s Tourism Development Fund has announced that it has reached an agreement with Riyadh Bank and Banque Saudi Fransi. The deal makes $42.66bn of funding available to develop major tourism projects across the country.
The Tourism Development Fund’s CEO Qusai Al Fakhri inked the deal with Riyadh Bank CEO Tareq Al Sadhan and Banque Saudi Fransi’s MD and CEO Rayan Fayez, in the presence of Saudi Minister of Tourism and Fund chairman Ahmad Al Khateeb.
The agreement is said to be part of the fund’s efforts to encourage and stimulate investments in the tourism sector and support the private sector, including support for small and medium-sized enterprises (SMEs), by providing financial products.
Commenting on the deal, Al Fakhri said it was an essential step towards supporting and developing tourism projects in the kingdom. He stated, “The fund’s role and commitment to supporting and developing the tourism sector continued by stimulating investment and building a solid relationship with banks and financial institutions, which would create distinct investment opportunities in the kingdom.”
Al Sadhan remarked that Riyadh Bank was proud to form this partnership with the fund, which would enhance the role of banks in supporting the private sector, including SMEs, and enable the development of tourism projects in the kingdom.
He commented, “The tourism sector is one of the most important sectors that support the economy, and we are looking forward to starting an active participation with the fund to support quality projects, which will have an impact on finding promising investment opportunities in the Kingdom.”
Fayez said that the agreement accompanied the effective role of banks in achieving the objectives of the tourism sector, which was one of the most promising sectors for investment.
“This would be the beginning of an effective partnership with the fund that would contribute to creating investment opportunities in the kingdom,” he explained.
He pointed out that these agreements played an important role in creating pioneering tourism projects and destinations that, in turn, contributed to achieving the objectives of the National Tourism Strategy.
