The Tourism Development Fund, the national enabler of the tourism sector, signed 8 agreements with funding partners for its Tourism Enablement programs, with the aim of strengthening financing solutions for micro, small, and medium enterprises in the tourism sector, as part of the fund’s participation as an enabling partner in the Biban 24 forum.
The agreements included a Co-Financing program agreement with Arab National Bank to finance micro, small, and medium enterprises, enabling them to implement and develop projects in the tourism sector.
The fund also signed 5 agreements under the Finance Companies program, with Tayseer Arabia, Murabaha Marina Finance, Tawkilat Finance, Al Jabr Finance, and Al Raedah Finance. Through this step, the fund aims to support the widest segment of micro, small, and medium enterprises in the tourism sector by providing suitable financing solutions at competitive profit margins.
The fund concluded its agreements under the Financing through Fintech Companies program by signing with the Lendo and Manafa platforms, which will serve as two intermediary platforms between the fund and micro and small enterprises in the tourism sector, to facilitate and accelerate the procedures for obtaining financing across the Kingdom.
Through these partnerships and innovative financing programs, the fund seeks to strengthen the growth of the private sector and create the optimal environment for entrepreneurs to benefit from the available opportunities, in line with the National Tourism Strategy and in support of achieving the objectives of Saudi Vision 2030.