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Saudi Arabia’s Tourism Development Fund (TDF) approved over 260 million Saudi riyals ($69 million) in financing to 11 businesses in the tourism sector in the first quarter of 2023.
The fund also signed memorandums of understanding (MoUs) with various local and international companies, Saudi Press Agency reported.
These included signing a financing agreement with Ezdihar Real Estate Development Company to establish the Jeddah Cove project and an MoU with Ashraq Development Company to develop a tourist resort on the Half Moon Bay in the eastern region operated by hospitality chain Accor. The value of the deals was not given.
Another MoU was signed to finance an infrastructure development project worth SAR1.2 billion ($320 million) in the Special Economic Zone in Ad Dhahirah, Oman, to stimulate trade and promote sustainable economic growth.
The Agricultural Development Fund provided over SAR2.6 billion ($693 million) in financing to 21 establishments during the first quarter.
The fund also approved financing the construction of silos for storing grains in three locations in the Kingdom, in addition to funding the import of agricultural products targeted in the food security strategy.
Overall, the National Development Fund (NDF) and its supervised development funds and banks approved over SAR30 billion ($8.17 billion) of financing and support in the first quarter of 2023.
(Writing by D Madhura; Editing by Anoop Menon)
