Saudi tourism fund signs deal to boost investments

The Saudi Tourism Development Fund (STDF) on Monday signed two agreements with the Arab National Bank (ANB) to increase the financing of tourism projects in the Kingdom.

One agreement includes the provision of joint financing mechanisms between the two parties to support tourism projects in the Kingdom. The other deal spells out mechanisms to provide STDF with financial guarantees to provide financing solutions to small and medium enterprises (SMEs) in the tourism sector.

STDF CEO Qusai Al-Fakhri said the agreements will give a boost to the Kingdom’s tourism sector.

He said the initiative will help develop tourism agencies in major cities.

Al-Fakhri said STDF will continue forging partnerships with the banking sector to boost investments and help achieve the Kingdom’s goals for the tourism sector.