Riyadh, October 20, 2024 – In a significant step towards bolstering the local economy and supporting entrepreneurship, a cooperation agreement was signed today in Riyadh between the General Entertainment Authority (GEA) and the Social Development Bank (SDB). The event was attended by key figures, including Turki bin Abdulmohsen Al Al-Sheikh, Chairman of the GEA Board of Directors; Engineer Faisal Bafarat, GEA CEO; and Engineer Sultan bin Abdulaziz Al-Humaidi, CEO of SDB.
The agreement is specifically designed to empower families engaged in the cottage industry and budding entrepreneurs during the upcoming Riyadh Season 2024 events. Central to this initiative is the allocation of sales outlets in prime locations, such as Boulevard World, which will provide these families and entrepreneurs a platform to showcase and market their products effectively. This not only creates a vibrant marketplace but also emphasizes the importance of local craftsmanship and innovation.
By focusing on the cottage industry, the agreement seeks to empower these targeted groups through logistical and organizational support. This initiative is poised to highlight Saudi products, celebrating the contributions of families and individuals working within the cottage sector. The collaboration aims to elevate local content, thereby reinforcing the importance of homegrown talent and products in the broader economic landscape.
This cooperation falls in line with the strategic objectives outlined in Saudi Vision 2030, which seeks to diversify the economy and enhance the entertainment sector's sustainability and growth. By supporting local entrepreneurs and families, the GEA and SDB are actively contributing to the national economy's development and enhancement, fostering an environment where local businesses can thrive.
Through this partnership, the GEA and SDB not only aim to create new economic opportunities but also to promote a culture of entrepreneurship within the community. The cooperation signals a robust commitment from governmental entities to cultivate a supportive ecosystem for small businesses and cottage industries, ultimately leading to a more resilient and diversified economy for Saudi Arabia.