The new agreement aims to finance at least 50 new entertainment projects in the Kingdom.
Saudi Arabia’s General Entertainment Authority (GEA) has signed an agreement with the Social Development Bank to provide SR500m ($133m) worth of loans for entertainment projects.
The fund will provide quality investment opportunities to contribute to the growth and sustainability of the entertainment sector.
It will also raise the proportion of local entertainment content in line with the objectives of Saudi Vision 2030.
According to the MoU, the two parties will cooperate through financial support for entertainment activities, harmonisation with applicable laws and regulations, and establishing credit mechanisms, agreements and performance standards.
The GEA aims to activate the soft financing product by supporting at least 50 projects throughout the period of the MoU.
The GEA qualifies quality entertainment projects and conforms them with the conditions and standards approved by both parties.
It also supports partners with market data and the rehabilitation of companies wishing to obtain financing, in addition to providing incentive packages for entertainment projects.
The SDB will also support and finance projects through the Ofoq programme, which provides financing for small enterprises amounting to SR10m ($2.67m). This latest financing project comes as part of a series of agreements with the GEA that embody the role of the bank as a source of economic empowerment with a developmental impact.
The SDB will aim to create and qualify projects for Saudi youth in the entertainment sector, in addition to providing specialised capacity-building programmes for entrepreneurs in the sector and providing advice for emerging enterprises.
