Saudi Arabia’s General Entertainment Authority (GEA) has signed an agreement with the Social Development Bank to provide $133M worth of loans for 50 new entertainment projects.
“The agreement aims to provide soft loans to finance quality investment opportunities in order to contribute to the growth and sustainability of the entertainment sector and increase the share of its local content, in accordance with Saudi Vision 2030’s goals,” GEA spokesman Saad Al-Ahmari told Arab News.
“The new agreement aims to finance no less than 50 new entertainment projects in the Kingdom, Al-Ahmari,” said. “The Social Development Bank will present project funding to small and medium-sized enterprises through its ‘Ufuq’ program with a total value of SR10 million and will support entrepreneurs through both monetary and nonmonetary solutions,” he added.
The entertainment sector is a key element of the cultural goals set out as part of Vision 2030, which aims to increase household expenditure in the sector from 2.9 per cent to 6 per cent by the end of the decade.
