Tourism Development Fund, Riyad Bank join hands to launch SR2 billion financing fund for 113 projects

Tourism Development Fund, Riyad Bank join hands to launch SR2 billion financing fund for 113 projects

RIYADH — The Tourism Development Fund (TDF) in partnership with Riyad Bank launched on Thursday the "Tourism Partners" program, allocating a funding capital of up to SR2 billion ($530 million) to enable the development of Saudi Arabia's key destinations.

The program is a first of its kind where the 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.

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 in the Kingdom’s key destinations. Each product provides a value of funding ranging from SR1 million to more than SR100 million for megaprojects, with options varying between direct support from TDF and co-financing with Riyad Bank, in addition to providing guarantees of up to 90 percent.

The “Tourism Partners” program complements the “Shareek” initiative launched by Crown Prince Muhammad Bin Salman to enhance the private sector’s role in