wales tourism investment fund

Exciting new vision for Welsh visitor economy

Gweledigaeth gyffrous newydd ar gyfer economi ymwelwyr cymru.

First Minister Mark Drakeford and Deputy Minister for Tourism Lord Elis-Thomas will today unveil an exciting future for the visitor economy in Wales.

The Welsh Government will publish its five-year plan to grow the visitor economy, focusing on Wales’ strengths – its landscapes, culture and places.

The new plan – Welcome to Wales: Priorities for the Visitor Economy 2020-25 – will be backed by two funds to support the industry: A new £10m fund - Brilliant Basics to support the all-important tourism infrastructure which will complement the £50m Wales Tourism Investment Fund focusing on high-quality, reputation-changing products.

Welcome to Wales and the new funding will help to tackle some of the main challenges facing the tourism industry in Wales – seasonality, spend and spread.

Launching the new vision today in Porthcawl, First Minister Mark Drakeford said:

“Over the past decade, tourism in Wales has been transformed, but there’s room for further growth in our visitor economy and we want to support that. 

 “Our new plan, with its priorities, strike the right balance between economic growth and our wider wellbeing as a country. We want to develop high-quality, year-round experiences, which are good for visitors and host communities. Sustainable growth can deliver health, environmental and cultural benefits by protecting and promoting our strengths.

“There are challenges facing the industry, including from Brexit. We believe the best response is to continue with our core business – to recognise tourism’s ongoing potential to act as a bedrock for the Welsh economy in projecting a positive message of and from Wales.”

Welcome to Wales highlights two main ideas of ‘Bro’ and ‘Byd’ – getting tourism right at a local level and ensuring the Welsh tourism offer can compete on the international stage.

The main actions over the next five years include:

• A £10m fund to invest in Brilliant Basics to support the all-important tourism infrastructure, which is part of delivering a high quality visitor experience from 2020-25.
• A focus on high quality, reputation-changing products. A £50m Wales Tourism Investment Fund – delivered in partnership with the Development Bank of Wales – to help finance reputation capital investment projects.
• Building on the success of the Events strategy, Event Wales will be set up to develop, grow and attract cultural, business and sporting events. This recognises the vital all-year role events play in attracting people to Wales.
• Visit Wales will focus on products and on developing experiences, which reflect Wales’ stand-out strengths as a country.
• Visit Wales will focus more of marketing efforts on growing off-peak tourism, encouraging people to spend more in Wales and spread the benefit of tourism.
• Two new themed years will be announced for 2022 and 2024.

Nearly one in 10 people across Wales works in tourism, which brings jobs to people throughout Wales. Tourism is on track to meet the 10% growth target set seven years ago – Wales has welcomed record numbers of UK visitors over the last five years and the value of domestic tourism grew by 14% last year.

Lord Elis-Thomas, Deputy Minister for Culture Sport and Tourism, said: 

“We want to build on our recent success and by 2025 we want to be known as a place that offers world-leading adventure, creative culture and language and outstanding, protected landscapes – and a place that wants to look after them for future generations.

“I’d like to thank the industry for the part it has played in developing this new plan and its priorities. 

“It has been very clear that the long-term growth of our own sector relies on caring for the things that attract people here in the first place. It is also what future markets will expect.”

Notes to editors

Dropbox – including:

• short form plan of Welcome to Wales: Priorities for the Visitor Economy 2020-25
• Images from the plan
• Year of Outdoors campaign film

https://www.dropbox.com/sh/yhpfep68ey153ea/AACgRn-zJyh06fw7huE2FVIxa?dl=0

The full plan and supporting documents will be available on https://businesswales.gov.wales/tourism/  following the launch.

The launch takes place at the newly opened, Rest Bay Watersports Centre, Porthcawl which is part of  Visit Wales’ Tourism Attractor Destination programme, supported by £2.55m of EU and Welsh Government funding.  Joining the First Minister and Deputy Minister for Tourism will be members of the industry which will also take part in a panel discussion led by adventurer and presenter Lowri Morgan.  The Panel includes: Ben Clifford – Surfability; Paula Ellis - Retreats Group; Tracey Evans – Outdoor Partnership; Andrew Campbell  - Wales Tourism Alliance and Huw Stephens – presenter and DJ

Supportive comments  - Launch Panel members

Paula Ellis – General Manager, Retreats Group : “Wales has immense potential to be recognised as a world class destination. We need to capitalise on our unique sense of place, language and culture, combined with more quality products to raise our profile on a truly international stage. Our success at Retreats Group is attributed to treating our colleagues as our internal guests which has enabled us to address the skills gap in the most challenging of locations. Every guest is be perceived as a PR agent to help us promote the ‘Croeso Cynnes Cymreig’ of this unique Celtic country.”

Tracey Evans – Outdoor Partnership : “Wales is full of opportunities for tourists as well as local people to safely enjoy our great outdoors for health and economic advantages as well as enhancing and supporting the unique culture and history of Wales.” 

Ben Clifford – Surfability, said : “Wales is incredible — all this green and blue space —  and if you’re denied access to that because of a disability,  it’s such a shame. So it’s important that we make those spaces accessible to everyone. Surfing is great physical exercise, and it really connects you to the world around you and the environment. Being present and focused in the moment, while simultaneously being outdoors in the fresh air and exercising — the benefits are incredible.  The techniques we’ve developed in Wales are becoming part of the worldwide standard. Our own community benefits, too. Our volunteers get the chance to work with people in their community, making it a better place.”

Andrew Campbell, Wales Tourism Alliance , said: “Effective engagement between the private and public sectors is hugely important. Success depends on partnership and collaboration, so we need to forge relationships that make the best possible use of resources. The objectives of any priorities plan will be better achieved if we all collaborate closely. We’re all on the same journey together. We need to work in a greener and more environmentally efficient way, but sustainability also means sustaining communities. Tourism creates jobs in places that other industries don’t. This sector deserves to be taken seriously.”

Main aspects of the plan

Outstanding visitor experiences

• A £10m fund has been announced today to invest in Brilliant Basics to support the all-important tourism infrastructure which is part of delivering a high quality visitor experience.  This funding will also be used to ensure that Wales is an inclusive and accessible destination for all.
• Visit Wales will work with the industry to support an industry led Tourism Skills Partnership to explore a range of ways to raise status of the sector to future generations of workers.

World Class Products and places

• A £50m Wales Tourism Investment Fund (WTIF) – delivered in partnership with the Development Bank of Wales – will help finance reputation capital investment projects.
• In recognition of the vital role events play in in attracting people to Wales and building on the success of our Events Strategy we will establish Event Wales to also encompass business events.  An ‘Event Wales’ conference in the spring of 2020 will be an opportunity to engage further with the sector, in order to help shape the future and take account of an ongoing independent review of the events criteria
• Visit Wales will move to focus on products and on developing experiences that reflect Wales’s stand-out strengths as a country - these are Outstanding Natural Landscapes, Creative Culture and Epic Adventure.  Initially the focus will be on the Wales Coast Path, Offa’s Dyke and National Trails; Golf; Heritage Tourism and Film and TV; Mountain Biking and Cycling.

An Innovative Cymru Wales Brand

• We will continue to deliver a bold and integrated brand for Wales, harnessing tourism’s potential to present Wales to the world as a welcoming, vibrant destination.
• Visit Wales will commit resources to ensuring that digital first marketing efforts are focused on growing off-peak tourism, encouraging people to spend more in Wales and is spreading the benefit of tourism and tackling over-tourism by inspiring visitors to discover more of Wales.
• Visit Wales will launch a major new campaign for Wales for the next 3–5 years and announce new themed years for 2022 and 2024.

An engaged and vibrant sector 

We will recognise, coordinate and harness the contribution a wide range of partners can make.

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TOURISM PARTNERS:

Wales Tourism Investment Fund (WTIF)

The Welsh Government, in partnership with the Development Bank of Wales , has launched a new £50m fund, Wales Tourism Investment Fund (WTIF) which brings together both commercial and grant funding into one combined package of financial support to provide capital investment for the sector.    

Fund objectives  

In order to maintain and develop Wales’ position in the hugely competitive global tourism market, we need to continue to invest in our tourism product. The key objective of the Fund will be to help finance capital investment in tourism projects which have the opportunity to create positive impact on growing the sector and the Welsh economy.  

Purpose of fund  

• To provide continued access to finance for tourism projects in Wales  
• To support the transition of the tourism sector from grant reliance to commercial loan serviceability  
• Allow public funding to be mobilised in an area that can create significant impact on the economy  
• To be able to support potentially substantial strategic investments as required.  

What will it fund?  

• The new fund will provide patient capital to tourism businesses of between £100,000 and £5,000,000 for qualifying projects  
• Repayment term is between 10-15 years, and can include seasonality payment breaks  
• It will provide increased flexibility of funding  
• Funding will be made available from the outset of a project and tranched through the development phase  
• Commercial loan and qualifying grant payments will be blended in order to reduce the overall cost of the finance.  

Who is eligible?  

The fund comprises a mix of repayable and non-repayable finance, targeting eligible capital investment projects in the tourism sector in Wales. It can be used either to upgrade existing, or create new, high quality assets in the tourism sector.  

In order to be considered for support from the Wales Tourism Investment Fund an applicant will need to:  

• Commit to supporting the Welsh Government’s Prosperity for All strategy and demonstrate a commitment to the four requirements of the Economic Contract  
• Be based in Wales and demonstrate how the project will stimulate growth in new and existing markets and create and/or safeguard jobs  
• Demonstrate financial viability and repayment over the term of the funding package.  

Next Steps  

The fund includes a two stage application process. The first stage includes an Expression of Interest form and if successful at this stage, the business will then be invited to make a full application.  Frequently Asked Questions  are also available.    

If you are interested in receiving more information on the WTIF, please email  [email protected]  or call 0845 010 8020.  

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How Development Bank of Wales can help you grow your tourism business

It offers many different funds that can be used to finance tourism businesses and projects in Wales

• 11:55, 25 AUG 2023

Did you know that the Development Bank of Wales has a £50 million Wales Tourism Investment Fund? Whatever the weather, it can help you to grow your tourism business.

Financed entirely by Welsh Government, it offers loans between £100,000 and £5 million for distinctive, stand-out tourism projects that align with the priorities of Welsh Government. What’s more, repayment terms of 10 to 15 years are available.

It’s a dedicated fund available from the Development Bank that can be used to finance tourism businesses and projects in Wales.

This includes all-weather attractions, visitor experiences, cultural or heritage projects, unusual places to stay and flagship attractions.

'Plenty of help available'

Clare Sullivan, a Regional Manager with the Development Bank said: “Tourism is big business in Wales and there is plenty of help available for those that are having a positive impact on growing the sector and the Welsh economy.

“Here at the Development Bank, we can support businesses with funding packages that include a mix of commercial loans and grant assistance from our colleagues at Visit Wales.

"Our terms are flexible and are tailored to suit individual business needs with any commercial loan and qualifying grant payments blended in order to reduce the overall cost of the finance.

“Owning and running your own tourism business can be very rewarding but we know it is also very time-consuming.

"That’s why our application process is straightforward and help is at hand for those wanting to set up, grow or expand a tourism business in Wales.”

Funding for Penderyn Distillery

Swansea’s latest tourist attraction at the former Hafod Morfa Copperworks site has had funding from the Development Bank.

The recently opened Penderyn Distillery offers distillery tours, a tasting bar, and also a ‘copper tunnel’ which shows visitors the process of copper smelting.

It is Penderyn's third Distillery in Wales and is being part-funded by a £2 million loan from the Development Bank and £1.1 million grant from Visit Wales that will be drawn down in phases over the next 12-month period.

Penderyn Distillery’s Chief Executive Officer, Stephen Davies said: "We knew the site would be the perfect location for our distillery, bringing it back to life and returning copper to the site once again, as our stills are, of course, made of copper.

“Penderyn has gained a worldwide reputation, exporting to more than 50 countries, and winning more than 100 gold awards en route, and we're very proud to be in Swansea.

"The completion of this modern distillery is the result of a collaborative effort between Penderyn Distillery, Swansea Council, Swansea University, and our funders including the Development Bank of Wales and Visit Wales.

"Together, we’re making it happen."

Want to know more?

Whether you’re thinking about starting a new tourism business, have already taken the first few steps or want to grow your current business, the Development Bank can help with loans from the Wales Tourism Investment Fund and grants from Visit Wales.

Visit the Development Bank website , call 0800 587 4140 or contact the team to find out more

Lending is subject to credit status. Terms and conditions apply.

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Five year tourism plan for Wales backed by £60m funding pot for businesses

The Welsh Government has published Welcome to Wales: Priorities for the Visitor Economy 2020-25

• 14:33, 23 JAN 2020

Get the latest business news from across Wales

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The Welsh Government has published its five-year plan to support the visitor economy - backed by a £60m funding pot for tourism businesses and other organisations.

Under the plan – Welcome to Wales: Priorities for the Visitor Economy 2020-25 it aims to increase off-peak visitor numbers, boost spending and see tourists visit new parts of the nation.

This will be supported by the new £10m fund - Brilliant Basics, which will go towards small-scale tourism infrastructure improvements.

There will another £50m Wales Tourism Investment Fund - delivered in partnership with the Development Bank of Wales - focusing on high-quality, “reputation-changing” products.

First Minister Mark Drakeford said: “Over the past decade, tourism in Wales has been transformed, but there’s room for further growth in our visitor economy and we want to support that.

“Our new plan, with its priorities, strike the right balance between economic growth and our wider wellbeing as a country.

“We want to develop high-quality, year-round experiences, which are good for visitors and host communities. Sustainable growth can deliver health, environmental and cultural benefits by protecting and promoting our strengths.”

Other proposals:

■ Event Wales will be set up to develop, grow and attract cultural, business and sporting events.

■ Visit Wales will focus on products and on developing experiences, which reflect Wales’ stand-out strengths as a country. It will also focus marketing efforts on growing off-peak tourism, encouraging people to spend more and spread the benefit of tourism.

■ Two new themed years will be announced for 2022 and 2024

Nearly one in 10 people in Wales works in tourism.

The sector is on track to meet the 10% growth target set seven years ago.

Wales has welcomed record numbers of UK visitors over the last five years and the value of domestic tourism grew by 14% last year.

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Getting the basics right: £5 million tourism fund launched

The Deputy Minister for Arts and Sport, Dawn Bowden, has today launched a £5 million Brilliant Basics tourism fund for 2023 to 2025.

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Brilliant Basics is a capital fund to deliver small-scale tourism infrastructure improvements across Wales and is open to local authorities and national park authorities.

Previous projects funded by Brilliant Basics have included electric vehicle charging points, improved toilet and car parking facilities, accessible changing places facilities and improved signage and interpretation panels.

Brilliant Basics will also support projects that improve accessibility at sites and those  that make their destinations more environmentally sustainable.

2023 is Wales’ Year of Trails which presents the tourism sector with an opportunity to showcase attractions, landscapes and coastline through routes and trails. Brilliant Basics will encourage local authorities and national parks to consider the entire visitor experience and the essential infrastructure that makes a trail experience complete, from pathways, to parking to making facilities accessible for all.     

On her first visit since assuming responsibility for Tourism policy within the Welsh Government, the Deputy Minister, Dawn Bowden visited Cosmeston Country Park which has previously received Brilliant Basics funding. The Vale of Glamorgan received £122,124 during the first round of Brilliant Basics 2021 to 2022 to develop the Visitor Gateway project which improved access and pathways to Cosmeston Lake and jetty, including adding seating and shelter, new road access and entrance and resurfacing the jetty and slipway.

The Welsh Government’s Brilliant Basics project was the catalyst for further on site improvements from the Vale of Glamorgan including a new play area, site for concessions, round house and learning facilities, and new branding, interpretation and signage throughout.

Since project completion the park has experienced an increase in visitor numbers and its new additions have proven very popular with visitors.

Deputy Minister, Dawn Bowden said:

“The projects supported through the Brilliant Basics fund make a real difference. For this funding round, we’re seeking proposals that add value to the visitor experience and that help to build a quality destination. “Local tourism amenities have a big part to play in making a trip a memorable one. These facilities often go unnoticed, but they are an important part of a visitor’s experience and  also benefit those who live in the area.”

Leader of the Vale of Glamorgan Council, Cllr Lis Burnett said:

“The Council is very proud of its country parks, which offer residents and visitors the opportunity to enjoy a large and varied outdoor space. “There are range of features to enjoy at Cosmeston, including diverse wildlife and open spaces, picnic areas and a brand new play area.   “This funding has allowed us to improve the park further through the Visitor Gateway Project. That has seen access routes upgraded and new facilities added or refurbished throughout the site.”

The closing date for expressions of interest is the 16 March. Further information available on Finance: Business Wales .

First published

Last updated.

Future Proofing Fund Opens for Eligibility Checks

Businesses in the retail, hospitality and leisure sectors can now check if they are eligible for funding to help them reduce their running costs.

Grants of between £5,000 and £10,000 will be available through the Welsh Government’s Future Proofing Fund to help micro, small and medium-sized businesses to invest in renewable energy technology, carry out improvements to the fabric of business premises, and upgrades to systems or machinery to reduce energy use.

To apply for the funding, the business must:

• be located in Wales and employ people in Wales;
• employ between 1 and 249 people;
• have been trading since before 1 April 2023;
• operate from a property with a rateable value between £6,001 and £51,000; and
• either own or are leasing the business premises on a minimum 3-year lease that extends beyond 1 April 2026.

The Cabinet Secretary for Economy, Energy and Welsh Language, Jeremy Miles, said:

“We are doing all we can to provide support to businesses in the ongoing cost-of-living and cost-of-doing-business crises and to help businesses flourish by adapting for the future and reducing the burden and volatility of energy costs on bills and the environment for good.”

Businesses are being invited to check if they are eligible for the funding now, before the applications open in May 2024.

Eligibility can be checked by visiting:   https://businesswales.gov.wales/future-proofing-fund

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FACT SHEET: Tourism Investment and Finance Fund

Speeches shim.

CURRENT PROJECTS

For entrepreneurs in Albania’s tourism sector, lack of capital and business acumen are prohibitive factors to tourism-led growth. The inability of micro, small and medium sized enterprises (MSMEs) in tourism to obtain affordable capital from banks means that they are often underfunded and therefore have limited growth potential. An alternative source is necessary. 

USAID, the Embassy of Sweden in Tirana, and the Center for Economic and Business Education (CEBE Albania) are implementing a $1.435 million, 32-month project, which will establish a Tourism Investment and Finance Fund in Albania. The Fund will be a multi-partner, member-owned, nonprofit financial association that will provide capital and technical assistance to MSMEs operating in Albania’s tourism sector. The Tourism Investment and Finance Fund (TIFF) contributes to improvements in tourism sector, including Albania’s business enabling environment and workforce capacities, and to serve as catalysts for job creation and economic growth. The Fund will concentrate efforts to develop the agro-tourism and eco-tourism communities in rural, and natural and protected areas. 

PROGRAM AREAS

Equity and business advisory services.

The Tourism Investment and Finance Fund will provide co-investment opportunities followed by expert advisory support to strengthen that investment and increase its probability of success. Entrepreneurs will be evaluated by a number of criteria: feasibility of interventions, level of business acumen, competitiveness of establishment, nature of intervention, disposition to work with other entrepreneurs to create a pool of resources and services to improve the overall appeal of the destination.

PARTNERSHIPS WITH CENTRAL AND LOCAL GOVERNMENT

The fund has also signed a Memorandum of Understanding with the Office of the Prime Minister and the Ministry of Urban Development. The Municipalities of Tirana, Belsh, and Korca are eager to partner with the Fund to spur economic development in their communities. It is expected that the municipalities and the Government of Albania will contribute equity funds to support the project and foster a business enabling environment.

EDUCATION AND TRAINING

CEBE will cooperate with the Marketing and Tourism Department at the University of Tirana and the American Bank of Investments to provide business advice to TIFF-selected micro, small, and medium sized enterprises. Beneficiaries will receive pre-investment orientation, post-investment training, and capacity building assistance.

EXPECTED RESULTS

• More than 70 MSMEs supported through equity and business advisory services
• 110 new jobs will be created directly, and another 100 in supporting industries
• Enhanced infrastructure and increased property value (15%) for each establishment
• Improved business models for at least 50% of the applicants subject to funding
• Increased number of officially registered businesses, thereby increasing the tax base and pension contributions
• Increased quality in service, and certification of services for at least 50% of the applicants subject to funding (Authentic Albania Quality Mark Program and American Hotel & Lodging Educational Institute cooperation)
• Increased financial literacy, credit awareness, and bankability of applicant enterprises

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To expand the potential for luxury resorts in tourism industry

BERLIN , April 18, 2024 /PRNewswire/ -- Saudi Arabia's Tourism Development Fund (TDF) and Karisma Hotels & Resorts International signed a Memorandum of Understanding (MOU), exploring opportunities for developing luxury resorts in Saudi Arabia . The signing took place on 17th April at the International Hospitality Investment Forum (IHIF) in Berlin .

This partnership represents a strategic alliance as it unlocks a new potential for the tourism industry. The mutually beneficial agreement outlines a roadmap to determining a methodology for investing and providing financial and non-financial support to a vibrant ecosystem of investors, clients and partners bringing tourism and hospitality to unique areas.

"The Tourism Development Fund is unlocking a great potential with Karisma Hotels & Resorts as we join forces to explore the feasibility of funding and supportive innovative projects that will significantly contribute to the growing of tourism sector" said Qusai Al-Fakhri, CEO of TDF.

"We are proud to announce the company's significant entrance into Saudi Arabia with multiple hotel developments throughout the Kingdom, in collaboration with our partners and local developers. Leveraging our expertise in conceptualizing, developing, owning, and managing All-Inclusive and European Plan (EP) experiential leisure resorts worldwide, Karisma will introduce first-of-its-kind experiential leisure hotels in partnership with worldwide acclaimed brands, bringing a new offering of leisure vacations to the Kingdom." Esteban Velasquez , CEO of Karisma Hotels and Resorts.

The Tourism Development Fund aims to connect the world with opportunities in the Kingdom of Saudi Arabia's high-growth tourism sector. TDF offers financial and non-financial support to both international private investors and home-grown small and medium-sized businesses, as well as entrepreneurs.

Karisma Hotels and Resorts is renowned for its diverse portfolio of unique brands, each offering distinct experiences tailored to different preferences. From the family-friendly luxury all-inclusive of Nickelodeon Hotels & Resorts, featuring immersive experiences inspired by beloved Nickelodeon characters, to the laid-back island vibes of Margaritaville Island Reserve ® by Karisma and Margaritaville Beach Resort Ambergris Caye, BOR hotel and Azul Beach Resorts by Karisma.

This signing between TDF and Karisma Resorts comes during an important era as Saudi Arabia's hospitality industry is booming as it represents significant investment opportunities. This is happening as the Kingdom has reached to its target, set out for 2030, of 100 million annual visitors. This target was already achieved in 2023, which led to a new target that aims to welcome 150 million visitors to Saudi Arabia by 2030.

To Know More: tdf.gov.sa

Photo - https://mma.prnewswire.com/media/2391050/TDF_Karisma_Resorts.jpg

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