The Tourism Development Fund (TDF) has completed the first edition of the Grow Tourism Incubator in Riyadh, supporting 30 startups over a ten-month period.
The initiative was led by TDF Grow, the non-financial support arm of the fund, in strategic partnership with Almosafer to boost tourism development.
The program structured its support through two distinct tracks, with 20 startups participating in person and 10 joining virtually. Throughout the ten-month duration, the participating companies received 230 business development sessions, 20 specialized workshops, 35 training opportunities, and 30 service grants.
Impact of the Grow Tourism Incubator
Startups in the program represented various sectors supporting the tourism industry, including tourism technology, digital platforms, visitor experience solutions, and cultural tourism. In addition, the cohort included ventures focused on artificial intelligence innovations and product development. The program also featured an international learning visit to H-Farm in Italy to study global entrepreneurship practices. This international exposure aimed to prepare the startups for scaling their operations.
Strategic Partnerships and Support
“The Grow Tourism Incubator represents a practical example of the Fund’s role in supporting startups and entrepreneurs within the tourism sector by providing them with specialized knowledge, mentorship, and access to investors and strategic partners, enabling them to accelerate their growth and expansion.”
Qusai Al-Fakhri, Chief Executive Officer of the Tourism Development Fund
The completion of the program was marked during a mixer event in Riyadh, which brought together investors, entrepreneurs, and public and private sector representatives. The event allowed participating startups to present their business models directly to potential investment partners. These presentations highlighted the viability of the developed products and services within the local market.
Alignment with National Tourism Strategy
This initiative aligns with the National Tourism Strategy and Saudi Vision 2030, aiming to develop the local tourism entrepreneurship environment. By offering mentorship and business development services, the fund aims to enhance the readiness of tourism ventures for market expansion. These efforts help build sustainable business models that contribute to the national economy.
Future Outlook for TDF Grow
TDF Grow continues to implement non-financial programs to support small and medium-sized enterprises in Saudi Arabia. To date, the support arm has supported more than 14,000 beneficiaries, focusing on sustainable economy growth within the local sector. The organization plans to launch subsequent cohorts to continue developing local talent.
