RIYADH: Tourism startups and entrepreneurs in Saudi Arabia stand to benefit from three newly launched support initiatives aimed at accelerating innovation, attracting investment, and strengthening the Kingdom’s growing travel economy. 

The Tourism Development Fund has introduced the Grow Tourism Incubator, Tourism Hackathons and Bootcamps, and the Grow Tourism Accelerator — a suite of initiatives designed to empower early-stage ventures through TDF Grow, its non-financial enablement arm, according to a press release. 

Developing a robust tourism landscape is a key pillar of Saudi Arabia’s Vision 2030 agenda, as the Kingdom works to diversify its economy and reduce its reliance on oil revenues. 

The National Tourism Strategy targets 150 million annual visitors by 2030, after surpassing the 100 million milestone ahead of schedule, with official data showing the Kingdom welcomed 116 million tourists in 2024 — exceeding its annual target for the second year in a row. 

Qusai bin Abdullah Al-Fakhri, CEO of TDF, said: “We remain committed to empowering entrepreneurs to transform their ideas into promising, impactful projects. We strive to provide a comprehensive support ecosystem that addresses the needs of businesses at every stage, helping them overcome challenges and accelerate their growth.”  

He added: “These three programs embody our dedication to practical enablement, offering guidance, support, and connections with key stakeholders, to build a sustainable tourism sector full of opportunity and aligned with the aspirations of Saudi Vision 2030.” 

The Grow Tourism Incubator Program, now in its first edition, will target early-stage tourism startups. Registration opened on June 24 and will remain open until July 17. 

The incubator offers a 10-month immersive environment, providing participants with access to shared workspaces, as well as legal, marketing, and logistical support, along with technical and administrative services. 

The program will also include workshops, specialized training sessions, and mentorship by leading industry experts, delivered both virtually and in person at TDF headquarters — ensuring accessibility for entrepreneurs across the Kingdom. 

The Tourism Hackathons and Bootcamps program aims to support innovators and early-stage tourism projects, with a focus on three key regions: Asir, Al-Ahsa, and Madinah. 

Running for five months, the program will allow participants to take part in hackathons followed by training bootcamps, helping them develop their ideas into actionable prototypes. 

Registrations opened on July 1 and will remain open until July 22. 

The Grow Tourism Accelerator builds on the success of previous cohorts, which have graduated 99 participants to date. 

This three-month program is designed to support startups and help them scale within the tourism sector. 

“The accelerator also attracts international companies, enriching the diversity of the investment landscape and elevating service quality across the industry. The program provides integrated mentorship, culminating in graduation and connections with potential investors,” the TDF release stated. 

It added that the TDF Grow platform has supported 8,800 beneficiaries through its non-financial programs and initiatives, helping entrepreneurs and small and medium enterprises accelerate their projects and enhance the competitiveness of Saudi Arabia’s tourism sector.

RIYADH: The UAE and Azerbaijan have signed a Comprehensive Economic Partnership Agreement to strengthen bilateral trade, enhance investments, and deepen cooperation in renewable energy, logistics, tourism, and construction. 

The deal is expected to contribute $680 million to the UAE’s gross domestic product and $300 million to Azerbaijan’s economy by 2031, according to the Emirates News Agency, also known as WAM. 

Signed in the presence of UAE President Mohamed bin Zayed Al-Nahyan and Azerbaijani President Ilham Aliyev, the CEPA aims to enhance private sector collaboration, strengthen supply chain resilience, and promote the global expansion of small and medium-sized enterprises. 

It builds on a growing trade relationship between the two countries, with non-oil trade rising 43 percent year on year to reach $2.4 billion in 2024. 

The UAE is also Azerbaijan’s leading Arab investor, with cumulative investments exceeding $1 billion. 

Speaking after the signing, UAE Minister of Foreign Trade Thani Al-Zeyoudi described Azerbaijan as “a hugely valuable trade and investment partner for the UAE,” citing its strategic location and continued economic growth. 

“Our bilateral non-oil trade mirrors this growth, climbing 36.2 percent last year to reach $2.24 billion, which represents 50 percent of Azerbaijan’s trade with the GCC,” he said, according to WAM. 

Al-Zeyoudi said the CEPA would unlock new opportunities across manufacturing, agriculture, and automotive, as well as logistics and financial services. 

He also noted plans to expand UAE investments in energy and renewables through national companies such as ADNOC and Masdar, with the goal of building a joint logistics infrastructure to enhance access to broader regional and global markets. 

Azerbaijan’s agreement adds to the UAE’s expanding CEPA program, a key pillar of its foreign trade agenda that targets $1.1 trillion in non-oil trade by 2031. 

In 2024, the initiative contributed to a record $816 billion in non-oil trade, representing a 14.6 percent increase over the previous year. 

The UAE has now concluded 27 CEPAs with global markets representing more than one-quarter of the world’s population. 

The deal is part of the country’s broader strategy to advance economic diversification through strategic international partnerships, the WAM statement said.

Kuwait and Jordan strengthen ties

Kuwait and Jordan held the fifth session of their Joint Higher Committee in Kuwait City this week. 

Co-chaired by Kuwaiti Foreign Minister Abdullah Al-Yahya and Jordanian Deputy Prime Minister and Minister of Foreign Affairs Ayman Safadi, the session resulted in six cooperation agreements and an executive program spanning the economic, investment, cultural, and tourism sectors, according to Kuwait News Agency.