The General Entertainment Authority (GEA) signed a memorandum of understanding with the Social Development Bank today Wednesday at GEA’s headquarters in Riyadh as part of its ongoing efforts aiming to encourage the development of quality entertainment projects in the Kingdom. The MoU will present soft financing opportunities with a total value of 500 million riyals in support of investment opportunities and to contribute towards the growth and sustainability of the entertainment sector and increase its local content in line with directives outlined by Saudi Vision 2030.
The MOU, signed by CEO at GEA Eng Faisal Bafarat and CEO at Social Development Bank Mr. Ibrahim Alrashid, outlines the collaboration approach between the two entities to finance noteworthy entertainment activities that meet applicable rules and regulations, as well as devise credit mechanisms, agreements, and performance standards. GEA will refer eligible companies to the Social Development Bank to apply for the needed funding.
Throughout the duration of the MoU, GEA seeks to empower no less than 50 projects by nurturing their capabilities and ensuring their fulfillment of the requirements and standards set by both entities, in addition to providing support through offering market data and stimulus packages to companies that wish to receive funding.
On its end, the Social Development Bank will present project funding to SMEs through its “Ufuq” program with a total value of 10 million riyals, and will support entrepreneurs through both monetary and non-monetary solutions. The MoU complements a series of agreements that embody the role of the Social Development Bank aiming to empower economic development opportunities by offering financial services to qualified projects from GEA, in an effort to create investment and capacity building opportunities and offer consultation and guidance to Saudi youth, entrepreneurs, and SMEs within the entertainment sector.
The agreement also expands a list of partnerships signed by GEA with several banks to offer financing and varied funding solutions in support of entertainment entities.
For more information regarding the entertainment projects stimulus program, please contact GEA at the email address [email protected].