almatar Travel and Tourism Group receives a strong boost with the partnership between the Tourism Development Fund and IMPACT46
The Saudi Tourism Development Fund, in partnership with IMPACT46, one of the largest venture capital companies in the Kingdom, announced the signing of an agreement to invest in almatar Travel and Tourism Group, which is considered one of the leading national institutions in the tourism and travel sector.
The signing of the agreement was announced during the Saudi Tourism Forum, which was held in Riyadh from March 14 to 16, 2024, at the Riyadh International Convention and Exhibition Center, the largest event that brought together more than 350 entities specialized in Saudi tourism.
The agreement was signed by Chairman of the Board of Directors of almatar Travel and Tourism Group, Yousef bin Abdullah Al Rajhi, and Founder and CEO of “IMPACT46”, Abdulaziz Al Omran, in the presence of the Executive Director General of Business Coverage and Large Facilities at the Tourism Development Fund, Faisal Al Fada.
This agreement represents a qualitative shift for almatar Travel and Tourism Group, as the group aims to benefit from the investment to enhance its capabilities in providing tourism services, and expand its digital platforms to provide distinguished experiences for tourists.
Yousef bin Abdullah Al Rajhi, Chairman of the Board of Directors of almatar Group, pointed out the importance of this agreement in supporting the hospitality sector and enhancing digital transformation, stressing that “the group seeks to provide innovative solutions that contribute to the development of the Kingdom’s cities, raise hospitality standards, and provide job opportunities for national competencies.”
The Tourism Development Fund works to enhance tourism investments and projects through various financing programs, providing broad opportunities and prospects for investors and operators in the sector, in line with the goals of the Kingdom’s Vision 2030.
The CEO of “IMPACT46”, Abdulaziz Al-Omran, expressed his happiness at concluding this partnership with the Tourism Development Fund to work on building an entrepreneurial community in the tourism sector and meeting the needs of entrepreneurs in this sector. He said: “We at “IMPACT46″ always strive to support young and innovative entrepreneurs from the sons of the nation, and empower them by providing the required investment support to be the effective wheel behind the diversification of the economy in the Kingdom.”
It is noteworthy that the Tourism Development Fund works to enhance tourism investments and projects through a set of programs, financing solutions and facilities designed to empower investors, entrepreneurs and establishments related to the tourism sector. It also works to stimulate the efforts of the private sector to contribute to the future of tourism in the Kingdom, enhance its competitiveness, and achieve the goals of localization, sustainability and growth of the tourism sector, which is one of the drivers of economic growth, according to the National Tourism Strategy and in line with the goals of the Kingdom’s Vision 2030.
IMPACT46 is one of the first venture capital companies licensed by the Capital Market Authority, as it was established in 2019. The company focuses on non-traditional investments, including investments in technology companies. IMPACT46 launched several funds through which it invested in more than 30 emerging technology companies in the early and growth stages, with Saudi companies making up the largest percentage of them.