Saudi Arabia launches $80mn programme to support tourism

Riyadh: Saudi Arabia has launched an $80 million programme to provide funding for small and micro enterprises in the tourism industry.
Under the Tourism Finance Program, the Tourism Development Fund (TDF) and the Arab National Bank will provide each enterprise with a maximum of 3 million riyals to support their development and boost the tourism sector, reports Xinhua news agency.
Also Read Saudi launches program to train 1 lakh youngsters in tourism The TDF was established by Royal Decree in 2020 with a capital of 15 billion riyals to “empower one of the kingdom’s most rapidly growing industries”.
Saudi Arabia launches program to train 1 lakh youngsters in tourism Tourism is one of many sectors that Saudi Arabia has been developing to diversify its economy and become less dependent on oil revenues.
The Saudi Minister of Tourism, Ahmed Al-Khatib, has also launched a program aimed at developing the capabilities of 100,000 young men and women in the field of tourism and travel.
In his speech during the executive meeting of the World Tourism Organization in Jeddah on June 9, Al-Khatib said that the Kingdom has launched the Tourism Pioneers Program, and it is one of the largest investments in the world in the next generation to work in the sector.