Riyadh, September 03, 2023, The General Entertainment Authority (GEA) has launched an initiative to support entertainment facilities as well as to support and empower medium, small, and micro enterprises operating in the entertainment sector throughout the Kingdom in collaboration with the Small and Medium Enterprises Financing Guarantee Program (Kafalah). Since the initiative's debut in July 2022, GEA and Kafalah have given 16 entertainment facilities a total of SAR70 million through it, and financial guarantees of SAR31.3 million have been given to micro, small, and medium-sized businesses in the entertainment industry. The project aims to expand the entertainment industry in the Kingdom by assisting existing businesses to expand and become some of the biggest in the industry. Additionally, it aims to raise the percentage of funding for kingdom-wide entertainment infrastructure, services, and facilities, as well as the provision of appropriate guarantees to lending institutions. The project also intends to enhance the entertainment industry in order to support its sustainability.
The program is a component of the Support and Stimulate Investments in the Entertainment Sector initiative, which is being carried out by GEA in collaboration with the Ministry of Finance and the Quality of Life Program. The initiative's goal is to support and aid in the development of the Kingdom's entertainment sector in accordance with the goals and specifications of Saudi Vision 2030.
The project is a component of the financing options GEA, in collaboration with banks and financing institutions in the Kingdom, offers to entertainment industry facilities. Based on the standards established by the Kafalah program, the initiative's number of funded facilities was calculated.
