Saudi Tourism Development Fund signs deal with banks for up to 160 bln riyals of projects

Saudi Arabia’s Tourism Development Fund has signed an agreement with Riyadh Bank and Saudi Fransi for financing of up to 160 billion riyals ($42.7 billion) that will go towards the development of the tourism sector.

The agreement will also set up mechanisms to support the financing of tourism projects, state news agency SPA reported on Monday (September 28).

SPA said the agreement is part of the Fund’s efforts to encourage and stimulate investments in the tourism sector and support the private sector, including SMEs.

The Saudi ministry of tourism in June said it was launching a $4 billion development fund to support the country’s tourism sector in collaboration with private and investment banks.

The Tourism Development Fund would launch equity and debt investment vehicles as part of this plan.

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