Saudi Arabia launches 80-mln-USD program to support tourism

Saudi Arabia on Sunday launched a 300 million-Saudi riyal (80 million U.S. dollars) program to provide funding for small and micro enterprises in the tourism industry, the Saudi Press Agency reported.

Under the Tourism Finance Program, the Tourism Development Fund (TDF) and the Arab National Bank will provide each enterprise with an maximum of 3 million riyals sto support their development and boost the tourism sector.

The TDF was established by Royal Decree in 2020 with a capital of 15 billion riyals to "empower one of the kingdom's most rapidly growing industries," read the introduction on the fund's official website.

Tourism is one of many sectors that Saudi Arabia has been developing to diversify its economy and become less dependent on oil revenues.