RIYADH: In a bid to support and further develop Saudi Arabia’s travel industry, the Tourism Development Fund has signed a cooperation agreement with Riyadh-based private consultancy firm Mukatafa Co.
The deal aims to enhance collaboration between the two parties, emphasizing information exchange and available expertise within the field, the Saudi Press Agency reported.
This understanding stems from the Kingdom’s commitment to strengthening partnerships and maximizing benefits between the public and private sectors, with a focus on the nation’s prosperity.
In addition, the deal aligns with the Kingdom’s National Tourism Strategy, which seeks to attract 100 million visitors by 2030 while raising the travel sector’s contribution to gross domestic product to more than 10 percent.
Under the agreement, both parties will collaborate to develop an integrated framework to support establishments nominated to benefit from financing and investment programs to advance tourism in Saudi Arabia.
This will come in accordance with unique terms and conditions approved by both parties, allowing these organizations to expand and sustain the scope of their commercial activities.
As a result, this will positively impact the economic and social levels, generating employment opportunities for citizens and unlocking new labor markets.
It will also help diversify income sources and expand the production base in line with Saudi Vision 2030.
Founded in 2018, Mukatafa Co. is specialized in unifying the private sector’s voice, organizing its efforts, and building its advocacy capabilities to engage it with the public sector professionally and systematically.
Established in June 2020, the TDF, which holds $4 billion in capital, is determined to expedite local and international partners’ access to high-potential tourism investments across key destinations in Saudi Arabia