The General Entertainment Authority (GEA), in cooperation with the Small and Medium Enterprises Financing Guarantee Program “Kafalah”, has launched an initiative to support entertainment facilities and support and empower medium, small and micro enterprises operating in the entertainment sector in all regions of the Kingdom.
The financing amount provided by Kafalah within the initiative is SAR15 million ($4 million) for medium enterprises, SAR5 million ($1.33 million) for small enterprises, and SAR2.5 million ($665,000) for micro-enterprises, with a coverage rate of 90%, depending on the size of the enterprises applying for financing. Financing applications are submitted through approved banks and financing companies according to the Kafalah Program requirements.
The initiative contributes to strengthening the entertainment sector system and achieving sustainability by providing the necessary guarantees to the financiers and increasing the financing rate for establishments operating in the entertainment sector and services related to its supply chains and infrastructure in the Kingdom.
The initiative comes as part of a package of the Support and Stimulate Investments in the Entertainment Sector initiative, in coordination between the Ministry of Finance, the GEA and the Quality of Life Program, to support and develop the entertainment sector in the Kingdom, in line with the aspirations and requirements of Saudi Vision 2030.