Press Releases

<p>Financial Solutions Directed to Mega Projects and Sponsorship Programs to Drive Vision 2030 Tourism Goals.</p> <p>Riyad Bank emerges as a key partner in advancing Vision 2030 goals, facilitating advanced programs and projects through its expanding role in delivering high quality financing and banking solutions.</p> <p>The tourism sector holds a prominent position among the pivotal industries that Riyad bank actively supports, reflecting its significance within the framework of Vision 2030 and its operational frameworks. This priority underscores the sector’s potential for economic growth, investment attraction, income enhancement, community development, and job creation- all integral components of the Kingdom’s long-term vision for the future.</p> <p>In terms of numbers, Saudi Arabia’s tourism sector is witnessing rapid growth in terms of developing tourist destinations in the Kingdom by investing in the vast heritage, cultural and historical sites in addition to its geographical and environmental diversity. This strategic focus aims to bolster tourist arrivals to the Kingdom, with a target of 100 million annual visits by 2030. Furthermore, the sector aims to elevate its contribution to the GDP to 10% and create one million jobs by the same year.</p> <p>Recently, the Red Sea Destination has officially opened to welcome visitors from all over the world, which is being developed by the Red Sea International Company on an area of more than 28,000 square meters of pristine land on the west coast of the Kingdom, and includes an archipelago that embraces more than 90 pristine islands, amazing environmental diversity, many important cultural and heritage monuments, and stunning landscapes, to offer visitors from all over the world a unique tourist experience.</p> <p>Riyad Bank was considered one of the first prominent financing partners of The Red Sea Company, and contributed to the implementation of the first green loan of its kind for the company in 2022 along with 3 Saudi banks worth SAR 14.120 billion to complete the first phase of the company's promising projects.</p> <p>Riyad Bank’s forward-thinking vision and its pivotal role as a key national development partner have placed significant emphasis on the tourism sector within its strategic priorities.<br /> Demonstrating its commitment, the bank has made substantial contributions through various initiatives, projects, and development programs aimed at enhancing the tourism landscape in the Kingdom. Additionally, Riyad bank has left a visible imprint by actively adopting and sponsoring numerous tourism-related events, alongside forging partnership agreements to offer financing solutions for various tourism projects.</p> <p>In May 2023, the bank reached an agreement with NEOM to finance the SAR 3 billion Sindala Island development project, making it the first NEOM project to be financed through the banking sector. NEOM views this agreement as a mean to diversify funding resources, enhance the participation of the private sector and accelerate the development of the region.</p> <p>Sandala Island, which extends over an area of 840,000 square meters, is one of the group of islands that will be developed in NEOM to become a premier destination on the Red Sea. Renowned for its stunning marine environment and coral reserves, it is set to welcome guests in the first quarter of 2024, offering tailored marine experiences and exceptional facilities. The project is anticipated to generate 3,500 job opportunities in tourism, hospitality, and entertainment services.</p> <p>Previously, Riyad Bank, in partnership with the Tourism Development Fund, launched the "Tourism Partners" program. This pioneering initiative brings together the public and private sectors under specific performance metrics, aimed at fostering the growth and enhancement of top-tier tourism facilities and activities in the Kingdom. With the financing capacity of up to SAR 2 billion, the program aims to drive forward the development of quality tourism infrastructure.</p> <p>The "Tourism Partners" program is one of the fruits of the "Shareek" initiative launched by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, with the aim of expanding the base of private enterprises, including small and medium enterprises, and enabling them to invest in the opportunities emanating from the Kingdom's economic renaissance through the promising tourism sector.</p> <p>Riyad Bank also signed a financing agreement worth SAR 782 million with the Tourism Development Fund to finance the Knowledge City Forum project through the Knowledge City Economic Company in Madinah. This initiative aligns with the Kingdom’s endeavors to cultivate high-caliber tourist destinations. Anticipated to be the largest tourism project in Madinah, the venture holds promise for significant regional development.</p> <p>In addition to the financing agreements, Riyad Bank is active in adopting sponsorship programs for entertainment and tourism events and seasons witnessed throughout the Kingdom. The bank sponsored the "Diriyah Season", which targets local and global visitors and is hosted by the historical Diriyah area, which has been developed to be a global tourist destination distinguished by its great historical heritage, as well as being among the sites listed on the UNESCO World Urban Heritage List, which makes it a first-class tourist attraction.</p> <p>Riyad Bank was also present during the Winter at Tantora season in AlUla, through its sponsorship of the season, which is one of the most prominent annual festivals hosted by the Kingdom, and offers world-class musical, artistic and festive paintings, in addition to many activities and events in a charming environment that embodies the splendor and richness of the region heritage, culture and civilization, and provides a platform for visitors to the region to explore the heritage and civilization of the Kingdom.</p>