Tourism Development Fund, Derayah Financial Co-sign Accord

Tourism Development Fund has signed an agreement with Derayah Financial, a pioneer in brokerage, investment, solutions, and investment fund, to establish a closed private equity fund, specialized in investing in small and medium-sized tourism enterprises, in the Kingdom, with a target capital of SR100 million.

The agreement was signed by Qusai Al-Fakhri, CEO of the Tourism Development Fund and Mohammed Al-Shamasi, CEO of Derayah Financial.

Establishment of the new investment fund comes within the framework of the Tourism Development Fund’s commitment to stimulating and supporting tourism investment by providing more financing opportunities, to support the expansion of small and medium-sized tourism enterprises and stimulate them, in line with the economic boom of the Kingdom, Al-Fakhri explained, noting that “Derayah” will manage the new fund for the it has a distinguished experience, in asset and investment management, innovating solutions and investment funds, in Saudi Arabia, Gulf and international markets.

The new investment fund aims to invest in promising tourism opportunities, in the targeted tourist areas, in the Kingdom. The targeted tourism sectors also include accommodation, experiences and tourism activities, entertainment and adventure tourism, restaurants and cafes within tourist destinations, travel and tourism services, and retail trade, in tourism goods.

This is in line with the objectives of the national tourism strategy.

The new fund, which is the first of its kind in the Kingdom, will participate in the capital to support the expansion of small and medium-sized enterprises in the tourism sector within the Kingdom.