Tourism Development Fund (TDF) and the General Authority for Entertainment (GEA) in Saudi Arabia have agreed to fund licensed tourism initiatives in the entertainment industry, subject to certain standards and limitations.
This agreement aims to achieve the objectives of the fund, develop the tourism sector in Saudi Arabia, and support the growth of the private sector in both leisure and tourism activities.
The memorandum was signed at the authority’s headquarters in Riyadh by the CEO of GEA, Eng. Faisal Bafarat, and the CEO of TDF, Mr. Qusay Al-Fakhri.
Expand the investment base
The two parties will work on defining mechanisms for communication regarding supporting tourism projects in the entertainment sector
They will expand the base of private sector investors, in addition to exchange information and data related to the tourism sector.
This partnership will enhance the horizons of understanding between the two sides.
It will allow the fund to enrich the investor’s experience and direct private sector investments towards promising tourism projects in Saudi Arabia.
For his part, Eng. Faisal Bafarat, said: The signing of this agreement aims to support the entertainment sector and align it with the tourism sector.
He added “entertainment sector will be provided with a financing force that will help the companies operating in it to enter and expand in these promising areas in the Kingdom’.
Mr. Qusay Al-Fakhri, valued this step for the fund, he pointed out that the tourism sector is going through a positive transformation phase that directly contributed to highlighting the great tourism potential in the various regions of the Kingdom.
He stressed that the partnership with the General Entertainment Authority will help the Fund to communicate with a broader base of investors who are looking to take advantage of the expected boom in the tourism sector.