Saudi Tourism Development Fund seals $1.07bn partnerships at Momentum 2025

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. 

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. 

Source: Arabnews