Boosting Tourism in Saudi Business Growth
How is business expansion contributing tourism in Saudi?
The $4 billion fund, launched in 2021, primarily focuses on empowering small businesses in the tourism sector. It has recently partnered with the Small and Medium Enterprises General Authority (Monsha’at) to enable small businesses in the tourism space to benefit from funding and support programs. Moreover, TDF (Tourism Development Fund) launched the AWN Tourism and Hospitality program, which offers flexible loans worth SAR 10 million with a repayment period of up to 10 years. The entity is in the process of building various flagship SME-related programs, targeting the tourism and hospitality sector. I n mid-2023, the PIF launched the Saudi Tourism Investment Company (Asfar) to support the growth of the country’s tourism sector. Asfar will focus on investing in tourism projects and the entire value chain by joining forces with the private sector to create an attractive environment for local suppliers, contractors, and small and medium-sized enterprises.
Supporting small and medium enterprises (SMEs) is pivotal in stimulating tourism growth, representing more than 98% of the businesses. Encouraging more investments in the tourism sector has been a key area of focus, as the continued growth in the hospitality sector fosters a conducive environment for investments and private sector participation.
10 to 11 million business visitors by 2030
23
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