The Tourism Development Fund participated as an enabling sponsor at the Future Hospitality Summit, held from April 29 to May 1 in Riyadh. The event was attended by key influencers in the hospitality and tourism sectors, investors, decision-makers, and entrepreneurs from within the Kingdom and beyond.
During its participation, the Fund showcased its programs, services, and financing and non-financing solutions aimed at enabling investment in the hospitality sector. This effort enhances investment opportunities in tourism, positioning it as one of the key drivers of economic growth. The Fund also highlighted promising investment opportunities and mechanisms for attracting investment, which promote sustainable development and innovation in the tourism and hospitality sectors in the Kingdom.
Bader Al-Harbash, the CEO of Strategy Sector at the Tourism Development Fund, participated in a panel discussion titled “Scenes of Success: The Flourishing Entertainment Scene in Saudi Arabia to Address the Changing Demographics.” In this session, he highlighted the success story of the tourism seasons in the Kingdom and the Fund’s role in providing financial and non-financial facilitation and solutions to attract and develop tourism and entertainment investments. These activities have seen widespread engagement throughout the year, especially during the tourism seasons across various regions of the Kingdom.
During the summit, the Fund played a pivotal role in facilitating an agreement between IHG Hotels & Resorts and Rafad Real Estate Company. This is part of the Fund’s efforts to foster relationships between its partners and support them in reaching mutual agreements to enable tourism and sustain sector activities.
It is noteworthy that the Fund’s participation in the Future Hospitality Summit comes at a time when the Kingdom tops the United Nations’ list for tourist growth rates in 2023, according to the UN Barometer report. The tourism sector has achieved one of the Saudi Vision 2030 targets by reaching 100 million tourists in 2023, seven years ahead of schedule, with visitor spending amounting to 135 billion riyals. This success has led to an increased target of welcoming 150 million tourists by 2030.
