Saudi Arabia's Tourism Development Fund and Impact46 Invest in Al Matar Group for Travel and Tourism
Saudi Arabia's Tourism Development Fund (TDF) and Impact46 reaffirm their commitment to supporting the Kingdom's Vision 2030.
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Saudi Arabia's Tourism Development Fund (TDF) and venture capital firm Impact46 have jointly invested in Al Matar Group for Travel and Tourism to support the growth of the tourism sector in Saudi Arabia.
Founded in 2019, the Al-Matar Group for Travel and Tourism offers technical travel solutions for individuals and businesses. With a wide selection of hotels, furnished apartments, and flight options worldwide, Al-Matar Group has become a leader in the industry.
The investment agreement was signed by Abdulaziz Al-Omran, founder and CEO of Impact46, Youssef bin Abdullah Al-Rajhi, Chairman of Al-Matar Travel and Tourism Group Board of Directors, in the presence of Qusay bin Abdullah Al-Fakhri, CEO of the Tourism Development Fund, at the Saudi Tourism Forum in March 2023.
In a statement, Al-Rajhi emphasized the agreement's importance for supporting the hospitality sector, upgrading services, and promoting digital transformation in the kingdom's tourism industry.
"This agreement will contribute to supporting the tourism industry in our country, achieving the goals of the national tourism strategy, creating new job opportunities, and unifying future visions that are in line with the Kingdom's Vision 2030," he said.
Meanwhile, Impact46's Al-Omran said, "Impact46 is delighted to collaborate with the Tourism Development Fund and invest in Al Matar Group for Travel and Tourism to foster growth and innovation among local Saudi entrepreneurs. Our united efforts will cultivate a thriving ecosystem of startups in the tourism sector, fueling economic growth and job creation."
The TDF works to promote tourism investments, stimulate private sector efforts, enhance competitiveness, and create a sustainable tourism industry, while Impact46 focuses on non-traditional investments, including investing in over 30 early-stage technology companies.
The two investors will act as a strategic partner to the Al-Matar Group for Travel and Tourism to increase the supply of rooms and cultivate innovation in order to raise the level of services offered within the industry.
