Saudi Arabia: Saudi Arabia’s Tourism Development Fund, the national enabler of the tourism sector, has announced six agreements and a memorandum of understanding with public and private sector entities, strengthening partnerships with a total impact exceeding SR4 billion ($1.07bn).

The move aims to expand financing solutions through the fund’s “Tourism Empowerment Programs” for micro, small, and medium enterprises during the Development Finance Conference Momentum 2025, organized by the National Development Fund.

The announcement was made in the presence of Minister of Tourism and TDF Board Chairman Ahmed Al-Khateeb, TDF Board Member and Governor of the National Development Fund Stephen Groff, TDF CEO Qusai bin Abdullah Al-Fakhri, and senior executives from banks and financial institutions.

These agreements build on previous partnerships with financing solution providers to support the growth of Saudi Arabia’s tourism sector.

Since their inception, the Tourism Empowerment Programs have delivered nearly SR3 billion in funding, creating over 74,000 jobs across the Kingdom, highlighting the critical role of financial partnerships in supporting tourism and business growth.

Al-Fakhri said: “The remarkable growth of the Tourism Empowerment Programs reflects the success of our strategy to support and sustain tourism enterprises.”

He added that the average annual number of beneficiaries has increased tenfold, and financing volumes have more than doubled compared with previous years, demonstrating the fund’s ability to expand economic impact.

“At TDF, we go beyond funding — we are building an integrated enablement ecosystem to create new investment opportunities, enhance developmental finance, and empower the private sector, contributing to inclusive growth across all regions of the Kingdom and supporting MSMEs in driving national development,” the CEO emphasized.

Building on a previous partnership with the Kafala Program, which empowered over 2,000 enterprises through guarantees exceeding SR2 billion, TDF has agreed with Kafala to expand joint programs by launching a new initiative valued at approximately SR700 million.

The program will partner with more than 45 financial institutions to further support tourism project growth and expansion nationwide.

Additionally, TDF announced a new financing agreement with Arab National Bank worth SR300 million to enhance tourism enterprises’ access to the funding needed for growth.

This expands on a similar SR300 million agreement signed last year, which benefited 249 enterprises across the Kingdom within a year.

Four new agreements under the Funded Companies Program, totaling SR200 million, were also signed with Al-Jabr Finance, Al-Tayseer Arabian Co., Al-Raedah Finance, and Tamweel Al-Oula, extending previous collaborations worth SR250 million that provided financing solutions to tourism sector enterprises across the Kingdom.

These agreements aim to broaden financing options and accelerate access to comprehensive funding, with tailored solutions for diverse tourism projects.

Recognizing the importance of supporting MSMEs, TDF also signed an MoU with the Small and Medium Enterprises Bank to develop a model for developmental financing for targeted enterprises, enhancing entrepreneurs’ and businesses’ access to financial and non-financial solutions efficiently and sustainably.

To date, TDF’s enablement initiatives have benefited more than 10,000 enterprises, boosting their contribution to the national economy, supporting innovation, and expanding service offerings, in line with the objectives of Saudi Vision 2030.

The TDF plays a pivotal role in advancing developmental finance and sector growth as a national enabler, supporting business expansion, and broadening the tourism investment base.

This role complements the National Development Fund framework, which serves as a unified platform for development funds and banks, driving a strategic financing ecosystem to stimulate and sustain the national economy through enhanced public-private partnerships.