RIYADH: 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.