Value of supporting entertainment SMEs initiative is $18.66mln

Date:

RIYADH — The General Entertainment Authority’s (GEA) initiative to support the small and medium-sized enterprises (SMEs) operating in the entertainment sector in all regions of Saudi Arabia, in partnership with the Financing Guarantee Program (Kafala), has provided approximately SR70 million as support since its launch in July 2022.

Among the initiative’s achievements was its support for small and medium-sized enterprises in the entertainment sector, which numbered until the end of last June to 16 enterprises.

While the value of the guarantees amounted to SR31.3 million, where micro, small and medium enterprises (MSMEs) in the entertainment sector benefited from them.

The initiative is looking forward to developing the entertainment sector in Saudi Arabia through contributing to the growth of the benefited enterprises, in order to become among the largest in the sector.

This is in addition to providing the necessary guarantees to financing institutions.

It also aims to increase the percentage of funding for facilities operated in entertainment fields, and the services related to the supply chains of the entertainment sector and its infrastructure in Saudi Arabia.

This is in addition to contributing in enhancing the system of the entertainment sector and achieve sustainability.

It is noteworthy that the initiative to support entertainment facilities comes within the programs of the supporting and stimulating investments in the entertainment sector.

This is in coordination between GEA and the Quality of Life Program, with the aim to develop the entertainment sector in Saudi Arabia, in line with the Kingdom’s Vision 2030.

The initiative is part of the financing solutions provided by GEA to establishments in the entertainment sector in cooperation with banks and financing bodies in the Kingdom.

GEA clarified that the number of establishments supported by the initiative has been determined based on the criteria of Kafala program.

© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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