Tourism Development Fund planning new projects, better investment climate, says CEO

Tourism Development Fund’s chief executive officer, Qusai Al-Fakhri, said the fund is conducting a study to develop quality projects and distinct tourism destinations, create an integrated tourism environment, increase hotel capacity, and support accompanying activities in order to enrich the experience of both domestic and international tourists.

In a telephone interview with Argaam, Al-Fakhri said that the fund seeks to provide support and enable investment in tourism through various channels, including direct support to the beneficiaries and indirect support through the fund's partners in financial institutions.

He also indicated that the signing of cooperation agreements with Riyad Bank and Banque Saudi Fransi (BSF), to support and facilitate financing of tourism projects, comes within the fund's plan to achieve the goals of the national strategy for tourism and to encourage and support the private sector in investing in the sector.

He further said that cooperation with commercial banks will enable the fund to expand the coverage of a large number of beneficiaries in the tourism sector, indicating that these agreements are among the first steps towards implementing the fund’s plans for the private sector, by providing a number of financial products to serve different segments of investors.