Agreement between SCTA and SCSB to finance SMEs emerging in tourism and antiquities field

The Saudi Commission for Tourism and Antiquities (SCTA) and Saudi Credit and Saving Bank (SCSB) on Sunday, November 4, concluded an agreement devoted to financially support small and medium enterprises (SMEs) in tourism and antiquities.

The agreement was signed by His Royal Highness Prince Sultan bin Salman bin Abdul Aziz, President of SCTA, and Dr. Ibrahim bin Abdul Aziz Al Henaishil, Director General of SCSB.

The agreement is considered as a supplement to the former agreement between the two parties and falls in line with the upgraded mechanisms of financing of SCSB, which requires existence of a sponsoring authority for the enterprises that demand financing.

SCTA according to this agreement is considered as the key sponsor for small and medium enterprises (SMEs) that request financing and intend to engage in the tourism and antiquities business.

Following the signing ceremony, HRH President of SCTA expressed his appreciation to the role played by SCSB in financing tourism and heritage SMEs, referring to the close partnership between SCTA and SCSB which has resulted in financing a number of tourism and heritage projects worth over SR 35 million to date, in addition to planning for financing further projects in the near future.

For his part, Dr. Al Henaishil emphasized the importance of the agreement in the enhancement of cooperation efforts between SCTA and SCSB in the field of financing tourism and antiquities SMEs.

“SCSB attaches great importance to small and medium enterprises in order to promote the sector and help it achieve prosperity through feasible investments that will enable citizens to launch their own businesses and create more job opportunities for the national cadres,” he said.
Noteworthy, during the previous agreement between the SCTA and SCSB, SCSB has funded over 44 tourist and heritage projects worth over SR 35,673,000 after the approval and feasibility studies by SCTA.

Cooperation efforts between SCTA and SCSB are the fruits of the partnership principle, which is adopted by SCTA in its relationship with all the public and private departments.