Bank Albilad signs a cooperation agreement with the Tourism Development Fund to enable investors in the sector to build and develop quality tourism projects in the Kingdom. The agreement is signed by the CEO of Bank Albilad, Mr. Abdulaziz bin Muhammad Al-Anizan, and the CEO of the fund, Mr. Qusay bin Abdullah Al-Fakhri, at the fund's headquarters.

This agreement includes new support mechanisms with the aim of empowering the private sector, especially small and medium enterprises, as one of the most important pillars of the tourism sector, and because of their significant impact on enriching the tourist experience in the Kingdom. The agreement aims to develop distinctive projects in several regions in the Kingdom, which are promising tourist destinations, including Riyadh, Jeddah, the Eastern Province, Hail, Al-Jawf, Medina, Asir, Hail, and Al-Baha. The fund will work in partnership with Bank Albilad to support investment in these areas through the development of several projects, especially in the tourism accommodation sector by working on developing hotel projects in these target areas.

The CEO of Bank Albilad, Mr. Abdulaziz Al-Anizan, expressed his pride in this partnership with the Fund to enhance the role of the private sector in finding investment opportunities in the tourism sector. He added, "We will work directly with the Fund to provide financial solutions to investors and small and medium enterprises, in order to serve this cooperation between the Bank and the Fund."

The CEO of the fund, Mr. Qusay Al-Fakhri, expressed his happiness with this new partnership and said: “By signing the cooperation agreement with Bank Albilad, we have completed four important agreements with Saudi banks, which paves the way for investors to develop the promising tourism system, especially small and medium enterprises, and to enable them to obtain the appropriate loans and financial facilities through the banks.

"After the completion of all the agreements to be signed, innovative products will be announced in due course to ensure that investors and entrepreneurs benefit from loans to establish or expand their existing projects in order to activate the tourism system through our partners in banks," Al-Fakhri added.

It is worth noting that these agreements play an important role in creating pioneering tourism projects and destinations, which in turn will contribute to achieving the objectives of the National Tourism Strategy, which aims to increase the tourism sector’s contribution to the GDP from 3% to 10%, create one million new jobs and receive 100 million local and international visitors by 2030.