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TDF says use of Oracle Cloud applications will enhance data integration, increase productivity, reduce costs.
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The fund was set up in June as part of the kingdom’s plans to diversify its economy.
Dubai: Saudi Arabia’s Tourism Development Fund (TDF), which was set up to diversify the kingdom’s economy, has adopted cloud computing technology to help investors benefit from the tourism sector’s opportunities.
Local media reports said the TDF in cooperation with Oracle will be implementing the Cloud Computing Strategy (CCS) that would enhance data integration, increase productivity, reduce costs, unify and facilitate operations and ensure smooth communication with all stakeholders, including investors, donors, and governmental agencies.
Oracle Cloud Infrastructure solutions and Oracle Fusion Cloud Applications will contribute to enhancing services of TDF, which was founded in June with an initial $4 billion investment.
In April this year, the fund announced it will help finance a 346.7 million project in Madina together with Riyad Bank.
The fund signed two agreements with the Arab National Bank (ANB) in May to increase the financing of tourism projects in the kingdom—one includes joint financing for supporting tourism projects and the other involves mechanisms to provide TDF with financial guarantees to provide financing solutions to small and medium enterprises (SMEs) in the sector.
