Jeddah skyline Saudi Arabia

Saudi Arabia launches new $530m fund to develop tourism destinations

Tourism Development Fund and Riyad Bank unveil Tourism Partners program to provide financing for projects.

Saudi Arabia’s Tourism Development Fund (TDF), in partnership with Riyad Bank, has launched the Tourism Partners program, allocating a funding capital of up to SR2 billion to enable the development of the kingdom’s key destinations.

The program is a first of its kind where public and private sector work collaboratively against individual performance indicators on each side, ensuring the highest standards of governance to achieve the objectives of the program, a statement said. TDF introduced three products under the program that aim to address the financing needs of companies of all sizes in the private sector and enable the development of tourism facilities and activities across the kingdom.

Each product provides a value of funding ranging from SR1 million to more than SR100 million for mega projects, with options varying between direct support from TDF and co-financing with Riyad Bank, in addition to providing guarantees of up to 90 percent….

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