19 Safar 1443 - 27 September 2021
    
  • Twitter Facebook Instagram Icon Linkedin Youtube Snapchat Alexa Icon
Sign up for newsletter
Eye of Riyadh
Eye of Riyadh
Business & Money | Thursday 8 July, 2021 9:10 am |
Share:

$133 million deal signed to support Saudi entertainment sector

The General Entertainment Authority (GEA) signed a memorandum of understanding with the Social Development Bank (SDB), to provide soft financing amounting to a total of SR500 million ($133 million).

 

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 — signed at the GEA’s headquarters in Riyadh by its CEO Faisal Bafarat and SDB CEO Ibrahim bin Hamad Al-Rashed — the two parties will cooperate through financial support for entertainment activities, harmonization 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 program, which provides financing for small enterprises amounting to SR10 million. 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 specialized capacity-building programs for entrepreneurs in the sector and providing advice for emerging enterprises.

 

Share:
Print
Post Your Comment (View 1 Comments)
Mr. Ahmed Saturday 10 July, 2021 9:57 pm
We specialize in financial services, offering local/international loans, providing secured and unsecured borrowing options to individuals and cooperate bodies at a very competitive loan rates and flexible terms to meet any finance circumstances. It doesn’t matter if you have a poor credit score, we can still provide you with fast cash for the unexpected Contact us now for Quick and affordable loans to suit all budgets and requirements:
Contact Email: ([email protected])
WhatsApp number: +91914804
ADD TO EYE OF Riyadh
RELATED NEWS
MOST POPULAR
Ithra launches cultural and heritage programs
Ithra launches cultural and heritage programs
Sunday 26 September, 2021 12:05