$133m tourism fund for small business launched in Saudi Arabia

$133m tourism fund for small business launched in Saudi Arabia

RIYADH: The Tourism Development Fund has launched a $133 million fund to support and develop small businesses, to help boost the country’s growing market. The “Aoun Tourism” program is expected to fund over 2,000 enterprises, the Saudi Press Agency reported. This initiative is part of the National Tourism Strategy, which aims to strengthen Saudi Arabia’s position as a global destination. The three-year program will ensure funding, and education and training for tour guides, operators, facilities, travel agents and event organizers. Arab News reported in July that the Tourism Development Fund had signed an agreement with London’s Ennismore and Al-Rajhi Capital to establish a SR1.5 billion ($400 million) investment fund in the hospitality sector. Through the partnership, the fund aims to develop lifestyle hotels and enhance tourist destinations in the Kingdom.