The Tourism Development Fund (TDF) signed a Memorandum of Understanding (MoU) with the Saudi Endeavor Network, the local representative of Endeavor International, with the aim of enhancing opportunities for cooperation between the two parties in supporting and empowering local and international entrepreneurs in the tourism sector. This will enable them to benefit from support programs, financing and investment solutions, and services provided by both parties.
The MoU will contribute to promoting the development of entrepreneurs within tourism sector. The MoU aims to enrich tourism experiences in the Kingdom, positively reflect the prosperity of the tourism sector, and create high-quality projects for tourism destinations by increasing opportunities for entrepreneurs, thereby boosting the economic development of the Kingdom.
The Memorandum of Understanding was signed at the third edition of the “Future Hospitality Summit”, which was hosted in Dubai, UAE, in the presence of TDF’s Chief Business Officer, Wahdan Alkadi, and the CEO of Saudi Endeavor Network, Latifa Al-Waalan.
Furthermore, the two parties will build on their existing integration for their mutual benefit, in support of local and international entrepreneurs in the tourism sector. It will also give the targeted entrepreneurs the opportunity to get to know and meet with investors in the Kingdom, in order to create new investment opportunities in the tourism sector commensurate with the nature of the entrepreneurs’ businesses. This networking opportunity will also facilitate marketing opportunities for the entrepreneurs within the tourism ecosystem. Endeavor will identify entrepreneurs within the Endeavor global network and empower them with the Fund’s various programs and products. The network will promote investment opportunities and programs offered by TDF, as well as preparing research and reports on entrepreneurship in the tourism sector in the Kingdom.
Qusai bin Abdullah Al-Fakhri, CEO of TDF, said: “TDF affirms its keenness, through this MoU, to support and empower entrepreneurs, and to offer the best global experiences in entrepreneurship, as well as to improve the tourist experience by creating high-quality projects. TDF’s aim is to link the private and public sectors to jointly support tourism development in the Kingdom, developing Saudi Arabia as a global tourist destination, in line with both the objectives of Saudi Vision 2030 and the National Tourism Strategy.”
The CEO of the Saudi Endeavor Network, Latifa Al-Waalan, said: “The Saudi Endeavor Network aims to support entrepreneurs, providing technology and innovation to build successful projects that positively affect the economy.”
“Cooperation with TDF is an important opportunity to enhance and support promising entrepreneurs in this sector, especially since developing tourism is one of the keys to success for the Kingdom’s Vision 2030.” She added.
TDF is participating for the second time as an enabling partner in the Future Hospitality Summit, demonstrating that the tourism and hospitality sectors are forming the future economy of the Kingdom. The Fund’s sponsorship of the Summit is a qualitative opportunity that enhances its close communication with the target group of investors and developers for the tourism and hospitality industry. The Fund will also advertise, through its exhibition in the summit, its most prominent financing solutions and programs on offer, introducing investors and entrepreneurs to support mechanisms and benefits.