The General Entertainment Authority (GEA) has announced that it has signed a memorandum of understanding with the Social Development Bank. The agreement is part of the effort to develop more entertainment projects in the region.
The MoU will present soft financing opportunities with a total value of 500 million riyals ($133m) in support of investment opportunities. In line with the objectives of Saudi Arabia’s Vision 2030 plan, the aim is to stimulate the growth of the entertainment industry and ensure its sustainability.
Financing new entertainment ventures
The CEO’s of GEA and Social Development Bank, Faisal Bafarat and Ibrahim Alrashid, signed the MoU at GEA’s Riyadh headquarters. The two entities will collaborate on the financing of appropriate new entertainment ventures, devising credit mechanisms, agreements and performance standards. GEA will refer eligible companies to the Social Development Bank to apply for the needed funding.
The GEA aims to empower at least 50 new projects and will also provide market data and stimulus packages. The Social Development Bank will use its “Ufuq” programme, which has a total value of 10 million riyals, to provide project funding and will also support projects with non-monetary solutions.
The role of the Social Development Bank is to empower economic development opportunities, creating investment and capacity building opportunities within the region. In addition, it provides consultation and guidance to Saudi youth, entrepreneurs, and SMEs within the entertainment sector.
As part of Vision 2030, Saudi Arabia is developing its tourism and recreation sectors and creating a host of new attractions, including Qiddiya, NEOM, the Red Sea Project and more. Each one of these ‘giga-projects‘ is designed to stimulate the economy and to become integrated economic ecosystems.
Last year, blooloop conducted an exclusive interview with Philippe Gas, Qiddiya CEO and also found out more about the Red Sea Project from its CEO, John Pagano.