Saudi Arabia’s Tourism Development Fund (TDF) has partnered with local fund manager Derayah Financial on the launch of a close-ended private equity (PE) fund.
The SR100 million (US$26 million) fund is believed to be the first PE investment product focused on the Saudi tourist sector.
According to a statement, it will target promising businesses in selective tourism sectors across the kingdom.
The TDF was launched in August 2019 in order to boost investment in the sector.
The launch of a PE fund is designed to increase the investment diversity as well as introducing new tourism services, said TDF chief executive Qusai Al-Fakhri.
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