Arab News, Wednesday, Nov 30, 2022 | Jamadi Al Awwal 6, 1444
Saudi Tourism Development Fund launches program to support 10,000 SMEs
Saudi Arabia:
The Saudi Tourism Development Fund announced the launch of the Tourism Aid
program to support 10,000 small and medium-sized enterprises in the Kingdom,
Saudi Press Agency reported.
The program is divided into three subcategories
that cover key financial aspects of establishments in the industry: conducting
trials, innovation and hospitality.
Through the program, the TFD will provide both
financial and non-financial assistance to SMEs with various goals, such as
launching new commercial projects or expanding businesses through a tourism
value chain approach. It will run alongside the TDF Grow initiative, which
connects startup founders with leading local and international entities in the
public and private sectors in order to drive economic impact and commercial
opportunities.
TDF Grow offers a variety of non-financial
services to assist startups and strengthen their businesses by providing direct
market access. It is constructing an innovative collaboration workspace in
Riyadh to help develop a tourism industry that values partnerships and
collaboration.
TDF Grow’s pre-seed program also educates
entrepreneurs on the most recent industry trends and enables them to
conceptualize, navigate and validate the market relevance of their business.
“Micro, small and medium enterprises are the
backbone of all economies around the world, and often due to the limited
resources and experience with this business model, they face challenges in
developing their business and realizing their visions,” TFD CEO Qusai Al-Fakhri
said.
“The program, which we announced today, will help
(enterprises) with opportunities for growth, whether through financing,
exchanging expertise or offering consultations,” Al-Fakhri added.