The Saudi Commission for Tourism and Antiquities in cooperation with the Saudi Credit and Saving Bank (SCSB) recently funded several small- and medium-scale enterprises to operate tourism projects in several tourism sectors such as tourism trip operators, accommodation, and entertainment, with a total cost of 2.5 million riyals.
SCTA and SCSB have also funded several projects to establish tourism parks, handicraft centers, and furnished apartments in excess of 4 million riyals. SCSB provides funds for such tourism projects after the approval of the SCTA in the framework of the cooperation agreement between the parties.
Dr. Hamad Al Ismail, assistant vice president of SCTA for investment, indicated that the commission has examined a number of funding requests for the establishment of tourist facilities, including tour organizers, tourist accommodations, tourist resorts, and travel and tourism agencies, which are under evaluation by SCTA to ensure they meet their requirements. He stated that this action is within the framework of SCTA’s partnership methodology with the public and private sectors whose main goal is to develop national tourism. In the same context, there are many other tourist projects costing up to 32.2 million riyals under study by the SCSB. He added that the cooperation agreement between the SCTA and SCSB covers many areas in the tourism industry.
On the other hand, Dr. Al Ismail, stated that SCTA signed several cooperation agreements with government authorities to support small enterprises, such as the Kafala program, which is provided by the Saudi Fund for Industrial Development and the Centennial Fund.