Saudi Arabia launches initiative to support entertainment enterprises

Logo of The General Entertainment Authority (GEA)

The General Entertainment Authority (GEA), in cooperation with the Small and Medium Enterprises Financing Guarantee Program (Kafalah), launched an initiative to support and empower medium, small and micro entertainment enterprises operating in Saudi Arabia.

The value of funding provided by Kafalah within the initiative amounts to SAR 15 million for medium enterprises, small enterprises (SAR 5 million), and micro enterprises (SAR 2.5 million), with a coverage rate of 90%, depending on the size of the enterprises, Saudi Press Agency reported.

The financing is provided via banks and licensed financing companies, according to the requirements of the program.

The initiative contributes to strengthening the entertainment sector system and achieving sustainability, through providing the necessary guarantees to the financing entities, as well as increasing the financing rate for the entertainment enterprises and services related to supply chains of the entertainment sector and its infrastructure in the Kingdom.

The initiative comes as part of a package to support and stimulate investments in the entertainment sector, in coordination between the Ministry of Finance, the GEA and the Quality of Life Program, in line with Vision 2030.