Since its launch in July 2022, the initiative to support entertainment facilities provided by the General Entertainment Authority (GEA), in partnership with the Small and Medium Enterprises (SMEs) Financing Guarantee Program (Kafala), has provided about SAR 70 million in financing to facilities operating in the entertainment sector in all regions of the Kingdom. There were 16 such facilities by the end of June 16. The value of the guarantees amounted to SAR 31.3 million, from which Micro, Small and Medium Enterprises (MSMEs) in the entertainment sector benefited.
The initiative seeks to develop the kingdom’s entertainment sector by contributing to the growth of beneficiary enterprises and making them among the largest in the sector. The initiative also seeks to provide the necessary guarantees to financing institutions and to increase the percentage of funding for facilities involved in entertainment and services related to the supply chains of the entertainment sector and its infrastructure in the Kingdom. The initiative also contributes to strengthening the entertainment sector system and achieving sustainability.
The initiative to support entertainment facilities comes within the programs of supporting and stimulating investments in the entertainment sector, in coordination between GEA and the Quality-of-Life Program, to support and develop the entertainment sector in the Kingdom, in line with Saudi Vision 2030.
The initiative is part of the financing solutions provided by GEA to facilities in the entertainment sector in cooperation with banks and financing bodies in the Kingdom. The number of facilities supported by the initiative has been determined based on the criteria of Kafala Program.