Media ININ Economy We Trust
Riyadh, May 24, 2021, SPA
The Tourism Development Fund signed today, two cooperation agreements with the Arab National Bank, with the aim of increasing financing support for tourism activities and projects within the Kingdom.
The two agreements were signed by the CEO of the Fund, Qusay Al-Fakhry, and the Managing Director and CEO of the Arab National Bank, Obaid Al-Rasheed.
The first agreement included the provision of joint financing mechanisms between the two parties to support tourism projects in various regions of the Kingdom, while the second agreement provided for mechanisms to provide the Tourism Development Fund with financial guarantees, with the aim of providing appropriate financing solutions for small and medium enterprises in the tourism sector.
The CEO of the Tourism Development Fund pointed out the importance of the two agreements for the fund being the main possibility for investors in the tourism sector, which will push the wheel of development in the sector and develop a number of tourism agencies in the main cities identified by the National Tourism Strategy, which will be reflected in the enrichment of the tourist experience in the Kingdom, praising With the commitment of the Arab National Bank to support economic diversification, especially through the promising tourism sector.
Al-Fakhi explained that the fund will continue a series of fruitful partnerships with the banking sector and all stakeholders in the tourism system, as it provides all the possibilities for investors from the private sector to seize specific investment opportunities in the sector, stressing that all the elements of tourism investment are available in the Kingdom, with its cultural, heritage and social heritage, as well as Its distinctive landscapes, different climatic atmospheres, strong infrastructure, availability of the appropriate investment and regulatory environment, and unlimited government support for the investor in order to reduce risk and raise the feasibility of investment.
In turn, the Managing Director and CEO of Arab National Bank expressed the bank’s pride in this partnership with the Fund, stressing the bank’s readiness to provide various and appropriate financing solutions for tourism projects and small and medium enterprises operating within the tourism sector, which is one of the most promising economic sectors within the Kingdom’s Vision 2030 programs. .
This agreement, which is the fifth of its kind, comes within the direction of the Tourism Development Fund and its keenness to establish financing partnerships that would provide appropriate financing solutions to investors in all projects. The fund also works to provide financial and advisory support to small and medium-sized companies and entrepreneurs, in addition to its strategic role. In highlighting investment opportunities in various regions of the Kingdom and linking investors with project developers and global operators, in a way that contributes to consolidating the Kingdom’s position as a world-class tourism destination.
