Saudi Tourism Development Fund inks MSME finance deals
RIYADH, 11 days ago
The Saudi Tourism Development Fund (TDF), the national enabler of the tourism sector, has signed eight financing agreements with partners under the tourism enablement programme, aimed at enhancing financial solutions for micro, small, and medium-sized enterprises (MSMEs) in the tourism industry.
The agreements were signed during TDF’s participation as an enabling partner at the Biban24 Forum, a key event which concluded yesterday (November 9) in capital Riyadh.
A prominent event in the entrepreneurship sector, the five-day Biban24 Forum saw experts discuss ideas and topics related to entrepreneurship, e-commerce, franchising, investment opportunities, startups and innovation.
Among the deals inked was a co-financing agreement with the Arab National Bank to support MSMEs, empowering them to launch and expand tourism projects.
TDF signed five agreements under the financing companies programme with Al-Tayseer Arabian, Morabaha Marina Financing, Tawkelat Financing, Al Jabr Finance, and Alraedah Finance.
The initiative is designed to support various MSMEs in the tourism sector by providing accessible financing with competitive profit margins, said the statement.
TDF also finalised agreements under the fintech financing programme, partnering with the Lendo and Manafa platforms, which will act as intermediaries between TDF and MSMEs in the tourism sector, streamlining and accelerating access to funding across the Kingdom of Saudi Arabia.
