RIYADH: Saudi Arabia has launched an $80 million programme to provide funding for small and micro enterprises in the tourism industry.
Under the Tourism Finance Program, the Tourism Development Fund (TDF) and the Arab National Bank will provide each enterprise with an maximum of 3 million riyals to support their development and boost the tourism sector, reports Xinhua news agency.
The TDF was established by Royal Decree in 2020 with a capital of 15 billion riyals to "empower one of the kingdom's most rapidly growing industries".
Tourism is one of many sectors that Saudi Arabia has been developing to diversify its economy and become less dependent on oil revenues.