Tourism Development Fund is a Saudi government fund dedicated to supporting and developing the tourism sector in Saudi Arabia. It facilitates the entry of investors to the sector from inside and outside the Kingdom, and its efforts are directed to achieve the National Tourism Strategy.
Tourism Development Fund was established by a royal decree in 2020 to support the development of the tourism sector in Saudi Arabia. Its funding capital reached SAR15 Bn. It enjoys a public legal personality and financial and administrative independence. It is organizationally linked to the National Development Fund. Its headquarters is in Riyadh. The board of directors is chaired by the Minister of Tourism.
Objectives of Tourism Development Fund
Tourism Development Fund aims to support tourism in Saudi Arabia by financing projects that benefit less developed regions in terms of assets and services in the tourism sector to ensure that all investments contribute to the promotion of economic development, in line with the National Tourism and Economic Development Strategy, by enhancing Saudi Arabia's position as a global destination for tourists.
Tourism Development Fund supports private sector investors by providing suitable financing options and offering consulting and support services to enhance the advantages of investing in the tourism sector. Additionally, it focuses on the long-term sustainability of the fund's capital and reinvests returns in the sector to enhance its economic impact.
Board of Directors of Tourism Development Fund
The Board of Directors of the Tourism Development Fund is chaired by the Minister of Tourism. The Board, in addition to the Chairman, shall consist of five members nominated by the Chairman, and their term of membership is three years, extendable once.
The Board has four committees: the Credit Committee, the Risk and Compliance Committee, the Audit Committee, and the Nomination and Remuneration Committee.
Tourism Development Fund Achievements
During the first quarter of 2022, the Tourism Development Fund achieved several milestones, including the adoption of six strategic tourism projects worth SAR1.5 Bn, the adoption of three programs: the Tourism Path Program in collaboration with Kafala, the Graduate Development Program, and the Property Fund in collaboration with Derayah. The fund also received the Silver Award from the international organization Stevie Awards. and participated in local and international conferences and exhibitions.
Resources of Tourism Development Fund
According to the Fund's regulations, the Tourism Development Fund depends on its funding on various resources, including support provided by the State in service of its funding activity, cash flows from loans disbursed from its capital, returns resulting from its assets and investments, and the financial compensation it receives for the services and works it provides.
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