RIYADH: Saudi Arabia’s Tourism Development Fund has signed an initial agreement with Jahez, which is specialized in providing delivery services for restaurants and cafés, to provide credit facilities to its clients.
This will help enhance the business activities of restaurants and cafes in tourist destinations.
TDF will provide financing solutions and the opportunity to obtain financing and investment facilities for Jahez’s clients which include over 45,000 micro and small enterprises operating in the restaurants and cafes sector, Saudi Press Agency reported.
This comes within TDF’s aim to expand its activities in targeted tourist areas and destinations.
In line with the National Tourism Strategy, TDF seeks to develop tourism projects in the Kingdom and support the private sector, especially micro and small enterprises, which constitute over 90 percent of the sector.
“The signing of the MoU with Jahez reflects the keenness of the TDF to support, empower and encourage the private sector, especially micro and small enterprises,” CEO, Qusay bin Abdullah Al-Fakhri, said.
He added that this would be undertaken by “facilitating procedures, providing financing solutions and necessary support to ensure business sustainability, in order to achieve the National Tourism Strategy and the Kingdom's Vision 2030.”
Last month, the fund launched a digital platform offering easy access to financing solutions within the tourism sector while facilitating procedures and completion of work.
The new portal will provide appropriate financing solutions for investors, entrepreneurs, and establishments in all projects, enabling them to register automatically through the commercial registry without needing to fill in data, SPA reported.
This comes as part of the fund’s commitment to stimulate and support tourism investment through providing opportunities that support the growth and expansion of the sector’s facilities.