The Tourism Development Fund (TDF), the national enabler of the tourism sector, has launched the “Tourism Empowerment” programs with the aim of providing comprehensive financing solutions to support micro, small, and medium enterprises (SMEs) in the tourism sector. These programs are a collaboration with partners from commercial banks, government agencies, financing companies, and financial technology companies to facilitate access to competitive and flexible financing solutions. The goal is to build a credit relationship for establishments through various Tourism Empowerment programs, enabling them to play a vital role in the national economy and contribute to the goals of the tourism sector.
Among the solutions provided by the TDF’s Tourism Empowerment programs are joint financing options with commercial banks to help establishments grow and expand their projects. These programs offer financing for various products with flexible repayment periods of up to 60 months. Additionally, the TDF offers the Financing Companies Program in cooperation with financing companies licensed by the Saudi Central Bank, providing support to micro, small, and medium enterprises in the tourism sector through financing solutions such as working capital and capital expenditures. This aims to enhance the quality of tourism services and help businesses thrive.
The TDF also offers financing options through financial technology companies as part of the Tourism Empowerment programs. These options enable micro and small enterprises in the tourism sector to grow in a modern and advanced work environment. The financing period is faster, and technical services are provided to facilitate support to all regions with flexible repayment periods of up to 12 months. Moreover, the Kafalah Program, a loan risk guarantee program, is available to help overcome challenges faced by micro, small, and medium enterprises that struggle to provide necessary guarantees for financing. This program helps build confidence among financiers and ensures the continuity of projects.
The Tourism Development Fund provides both direct and indirect financing solutions to meet the needs of investors interested in investing in the tourism sector. Various products have been designed for investors with the goal of developing an integrated tourism environment and enabling the private sector, investors, and entrepreneurs to participate in building a thriving tourism sector. This sector aims to contribute to sustainable development in the Kingdom of Saudi Arabia.
In conclusion, the Tourism Development Fund’s “Tourism Empowerment” programs play a crucial role in supporting micro, small, and medium enterprises in the tourism sector by providing comprehensive financing solutions. Through collaborations with various partners, the TDF aims to facilitate access to competitive financing options and build credit relationships for establishments. By offering joint financing solutions, supporting financing from licensed companies, and providing options through financial technology companies, the TDF is helping businesses thrive in a modern work environment. Additionally, the Kafalah Program serves as a safety net for enterprises lacking necessary guarantees, ensuring the continuity of projects and building confidence among financiers. Overall, the TDF is contributing to the growth and development of the tourism sector in the Kingdom of Saudi Arabia.
