To provide financing solutions to the Kingdom’s entertainment sector, the General Entertainment Authority (GEA) signed a Memorandum of Understanding (MoU) with Riyad Bank under the guidance of Turki Al-Sheikh, Chairman of the Board of Directors of GEA.
The MoU includes the designing of initiatives and models from both parties to support business capabilities to sustain and develop the entertainment industry. At the forefront of which are financing, logistics, system and procedural solutions, partnership, as well as initiatives related to entrepreneurial, innovative, and human capabilities.
The agreement comes as part of the Authority’s framework to promote the entertainment sector at the heart of Saudi Vision 2030 by finding solutions and programs to support the private sector and enable entertainment companies to grow and face challenges such as the economic fallout of the coronavirus pandemic.
Earlier, the GEA signed several financing initiatives with Al Rajhi Bank, Bank AlJazira, and SABB.