The Saudi Tourism Development Fund, in partnership with IMPACT46, one of the leading venture capital firms in Saudi Arabia, announced an investment agreement with Almatar Travel and Tourism Group, a national leader in the travel and tourism sector.
The agreement was unveiled during the Saudi Tourism Forum, held in Riyadh from March 14-16, 2024, at the Riyadh International Convention and Exhibition Center. This landmark event brought together more than 350 entities specializing in Saudi tourism.
The agreement was signed by:
- Yusuf bin Abdullah Al-Rajhi, Chairman of Almatar Group.
- Abdulaziz Al-Omran, Founder and CEO of IMPACT46.
- In the presence of Faisal Al-Fadda, Executive General Manager for Corporate and Large Enterprises Coverage at the Tourism Development Fund.
A Major Leap Toward Innovation and Digital Transformation
The agreement aims to enhance Almatar Group’s capabilities in delivering innovative tourism services and expanding its digital platforms to offer exceptional experiences for travelers. Yusuf bin Abdullah Al-Rajhi emphasized:
“This partnership reflects our commitment to elevating hospitality standards, developing Saudi cities, and creating job opportunities for Saudi talent, in alignment with Vision 2030.”
Abdulaziz Al-Omran also expressed his enthusiasm for the collaboration, stating:
“At IMPACT46, we are dedicated to supporting entrepreneurs and local businesses in the tourism sector through innovative investment solutions that contribute to the diversification of Saudi Arabia’s economy and the sustainability of the tourism sector.”
Boosting the Competitiveness of the Tourism Sector
The Tourism Development Fund supports tourism projects with diverse financing programs, encouraging private sector investment in the tourism industry. This contributes to Saudi Arabia’s economic growth and international competitiveness.
IMPACT46, founded in 2019, is one of the first venture capital firms licensed by the Capital Market Authority. The firm focuses on investing in startups and has supported over 30 tech companies, with the majority being Saudi-based. Its mission is to enable innovation and entrepreneurship within the Kingdom.
Supporting Vision 2030
This strategic partnership aligns with Vision 2030, which aims to promote tourism as a key driver of economic diversification and sustainability while enhancing local talent and fostering cultural exchange.