Saudi Tourism Development Fund rolls out programs to boost startup growth
The Tourism Development Fund has introduced the Grow Tourism Incubator, Tourism Hackathons and Bootcamps, and the Grow Tourism Accelerator — a suite of initiatives designed to empower early-stage ventures through TDF Grow, its non-financial enablement arm, according to a press release.
Developing a robust tourism landscape is a key pillar of Saudi Arabia's Vision 2030 agenda, as the Kingdom works to diversify its economy and reduce its reliance on oil revenues.
The National Tourism Strategy targets 150 million annual visitors by 2030, after surpassing the 100 million milestone ahead of schedule, with official data showing the Kingdom welcomed 116 million tourists in 2024 — exceeding its annual target for the second year in a row.
Qusai bin Abdullah Al-Fakhri, CEO of TDF, said: 'We remain committed to empowering entrepreneurs to transform their ideas into promising, impactful projects. We strive to provide a comprehensive support ecosystem that addresses the needs of businesses at every stage, helping them overcome challenges and accelerate their growth.'
He added: 'These three programs embody our dedication to practical enablement, offering guidance, support, and connections with key stakeholders, to build a sustainable tourism sector full of opportunity and aligned with the aspirations of Saudi Vision 2030.'
The Grow Tourism Incubator Program, now in its first edition, will target early-stage tourism startups. Registration opened on June 24 and will remain open until July 17.
The incubator offers a 10-month immersive environment, providing participants with access to shared workspaces, as well as legal, marketing, and logistical support, along with technical and administrative services.
The program will also include workshops, specialized training sessions, and mentorship by leading industry experts, delivered both virtually and in person at TDF headquarters — ensuring accessibility for entrepreneurs across the Kingdom.
The Tourism Hackathons and Bootcamps program aims to support innovators and early-stage tourism projects, with a focus on three key regions: Asir, Al-Ahsa, and Madinah.
Running for five months, the program will allow participants to take part in hackathons followed by training bootcamps, helping them develop their ideas into actionable prototypes.
Registrations opened on July 1 and will remain open until July 22.
The Grow Tourism Accelerator builds on the success of previous cohorts, which have graduated 99 participants to date.
This three-month program is designed to support startups and help them scale within the tourism sector.
'The accelerator also attracts international companies, enriching the diversity of the investment landscape and elevating service quality across the industry. The program provides integrated mentorship, culminating in graduation and connections with potential investors,' the TDF release stated.
It added that the TDF Grow platform has supported 8,800 beneficiaries through its non-financial programs and initiatives, helping entrepreneurs and small and medium enterprises accelerate their projects and enhance the competitiveness of Saudi Arabia's tourism sector.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Argaam
30 minutes ago
- Argaam
Mayar subsidiary obtains construction licenses for chicken production projects
Mayar Holding Co. 's subsidiary, Jedaya Agricultural Co., obtained five construction licenses for agricultural projects to produce broiler chickens, with a total production capacity of 108.49 million birds annually. According to the company's statement on Tadawul, the licenses cover five agricultural projects focused on broiler chicken production using a floor-rearing system. The projects will be developed on a combined area of 15.79 million square meters, fully owned by the company, and will include 246 poultry houses with a total built-up production area of 431,000 square meters. The company pointed out that it submitted a funding request to the Agricultural Development Fund for the first phase of the project, which is currently under review. Meanwhile, technical studies and price evaluations are underway in preparation for project execution. The company will disclose any updates regarding the project in due course. This announcement aligns with the company's strategic vision to expand across all its investment sectors, including agriculture, feed production, and poultry, in support of increasing local production and contributing to the Kingdom's Vision 2030 goals for sustainable development and food security.
Saudi Gazette
11 hours ago
- Saudi Gazette
Dr. Fahd Toonsi appointed chief of Saudi Red Sea Authority
Saudi Gazette report RIYADH — Dr. Fahd Toonsi, advisor at the Royal Court, has been appointed chairman of the Board of Directors of the Saudi Red Sea Authority (SRSA). A royal approval was issued in this regard, the Saudi Press Agency reported. The SRSA Board of Directors thanked Crown Prince and Prime Minister Mohammed bin Salman for the appointment. 'The approval comes as an extension of the continuous support provided by the wise leadership to enhance the Kingdom's position on the world map and enable a thriving coastal tourism economy,' the board said in a statement. On his part, Toonsi expressed his gratitude to Minister of Tourism Ahmed Al-Khateeb for the efforts made while he was chairing the SRSA Board of Directors in the past, and the tangible achievements that contributed to achieving the goals of the Kingdom's Vision 2030. Dr. Toonsi earlier served as secretary general of SRSA, which is responsible for overseeing tourism development on Saudi Arabia's west coast, including the Red Sea Project.
Asharq Al-Awsat
12 hours ago
- Asharq Al-Awsat
S&P Upgrades Lebanon's Local Credit Rating, Keeps Foreign Debt in Default
Standard & Poor's (S&P) has raised Lebanon's long-term local currency credit rating to CCC from CC, maintaining a 'stable' outlook. However, the agency left the country's foreign currency rating at Selective Default (SD), underscoring Beirut's ongoing failure to honor certain obligations. The upgrade reflects what S&P described as Lebanon's improved capacity to service domestic commercial debt, supported by fiscal surpluses over the past two years and initial progress on reforms tied to a prospective IMF program. The 'selective default' designation refers to a situation where an entity defaults on specific commitments while continuing to meet others. Lebanon remains among the world's weakest credit risks. Fitch downgraded the country to Restricted Default (RD) in mid-2024 for both local and foreign currencies before withdrawing its ratings altogether, citing lack of essential financial data. Moody's still places Lebanon at C, its lowest rating. Lebanon's local-currency debt has shrunk dramatically, falling to around 2 percent of GDP - less than $1 billion - by the end of 2024, down from roughly 100 percent before the financial collapse in 2020. This was largely the result of a 98 percent collapse in the Lebanese pound's value between 2019 and 2024. Despite the turmoil, the government has maintained payments on local commercial obligations. It resumed interest payments to the central bank in 2024 after a three-year halt and has pledged to start repaying arrears this year. The government formed in early 2025 under President Joseph Aoun and Prime Minister Nawaf Salam has pushed through several reforms, including a revised banking secrecy law and a bank restructuring bill. However, the crucial 'financial gap' law - needed to apportion past losses and protect depositors - remains stalled. The IMF, following a recent mission to Beirut, stressed that passing this law and approving the 2026 budget are essential. The fund has urged Lebanon to adopt a revenue-boosting and spending-rationalization strategy before further support can be unlocked. S&P cautioned that major debt restructuring is unlikely before the May 2026 parliamentary elections, five years after Lebanon defaulted on its Eurobonds. The ongoing conflict between Israel and Hezbollah, despite a November 2024 ceasefire, continues to darken economic prospects. Lebanon's economy contracted by 6.5 percent in 2024, following smaller declines in 2022 and 2023. In dollar terms, GDP has halved from $55 billion in 2018 to $28 billion last year. S&P projects modest average growth of 2.3 percent in 2025–2026. Since February 2024, the pound has stabilized around 89,500 to the dollar. Government net debt is expected to fall to 113 percent of GDP by end-2025, down from about 240 percent in 2022, thanks to fiscal gains, currency stability, and inflation-driven nominal growth.
