Saudi Tourism Development Fund signs $93 3mln contract to build forest resort in Al-Baha zawya.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zawya.com Daily Mail and Mail on Sunday newspapers.
JEDDAH: 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.
A special SR2 billion ($530 million) fund to help finance public and private sector involvement in Saudi tourism projects was launched in the Kingdom on Thursday.
The Saudi Tourism Development Fund, and Riyad Bank have linked up to establish the Tourism Partners program, the first initiative of its kind in the country allowing both sectors to participate according to specific performance indicators.
Aimed at developing quality tourism facilities and activities in the Kingdom, the program will have a financing value of up to SR2 billion to support the funding of tourism projects being implemented this year.
The new program is part of Saudi Arabia’s drive to strengthen partnerships between the government and private sectors through the Shareek initiative launched by Crown Prince Mohammed bin Salman.
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Friday, 23 April, 2021 - 10:00
Prince Faisal bin Salman reviews the models of the mega projects expected in Madinah. (Asharq Al-Awsat) Riyadh - Asharq Al-Awsat
The Governor of the Madinah region, Prince Faisal bin Salman bin Abdulaziz, inaugurated a number of projects in the Knowledge Economic City (KEC) and witnessed the signing of a number of contracts and agreements for the development of commercial, residential, tourism and entertainment projects.
The contracts included a tripartite agreement between the Saudi Tourism Development Fund (TDF), Riyadh Bank and the KEC to finance Phase 1 of the project, which will be implemented with the support of the Madinah Region Development Authority.