Saudi Arabia's Tourism Development Fund (TDF) signed an agreement with investment solutions firm Derayah Financial to establish a 100 million riyals ($26.6 million) private close-ended equity fund.
A statement by Qusai Al-Fakhri, CEO of the TDF, said the fund is part of TDF’s efforts to promote tourism investment.
The equity fund will target promising business opportunities in selective tourism areas across the Kingdom per the objectives of the National Tourism Strategy.
It is expected that the fund will participate in the capital of small to medium-sized companies operating in the tourism sector, and will contribute to introducing new products in partnership with the private sector.
