Riyadh: Saudi Arabia has launched an $80 million programme to provide funding for small and micro enterprises in the tourism industry.
Under the Tourism Finance Program, the Tourism Development Fund (TDF) and the Arab National Bank will provide each enterprise with a maximum of 3 million riyals to support their development and boost the tourism sector, reports Xinhua news agency.
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”.
Saudi Arabia launches program to train 1 lakh youngsters in tourism
Tourism is one of many sectors that Saudi Arabia has been developing to diversify its economy and become less dependent on oil revenues.
The Saudi Minister of Tourism, Ahmed Al-Khatib, has also launched a program aimed at developing the capabilities of 100,000 young men and women in the field of tourism and travel.
In his speech during the executive meeting of the World Tourism Organization in Jeddah on June 9, Al-Khatib said that the Kingdom has launched the Tourism Pioneers Program, and it is one of the largest investments in the world in the next generation to work in the sector.
He emphasized that $100 million had been allocated to train 100,000 young men and women. Providing them with the required skills in the field of tourism and travel with international standards by studying in the best international colleges and institutes.
Al-Khatib explained that the program includes three objectives based on developing skills in the field of tourism, and nurturing and supporting it. It also aims to establish a culture of professionalism and help new professionals expand their knowledge and necessary qualifications, and create opportunities for trainees.
Saudi Arabia is looking to triple the number of its foreign tourists during the current year 2022.
(The story has been edited by the News Desk)