Saudi Arabia sets up first private equity fund to develop tourism

Tourism Development Fund (TDF), Saudi Arabia’s fund for tourism development, has agreed with investment solutions firm Derayah Financial to establish a SR100 million ($26 million) private close-ended equity fund – first private equity fund focused on tourism, reports say.
The fund will participate in the capital of small to medium-sized companies operating in the tourism sector and will target promising business opportunities in selective tourism areas across the Kingdom, the kingdom’s News agency SPA reported according Arab News.
Derayah Financial, according to Qusai Al-Fakhri, CEO of the TDF, will manage the new fund as it possesses wide expertise in assets and funds management in both the Kingdom and Gulf markets.
The TDF expects the fund increases investment diversity within the tourism sector through introducing new products and services and enhancing tourists’ experience in the Kingdom, the reports say.

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