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Saudi Arabia to offer $133m in loans to 50 new entertainment projects

Saudi Arabia to offer $133m in loans to 50 new entertainment projects

Vision 2030 aims to increase household expenditure in the sector from 2.9 to 6 percent

Saudi Arabia’s General Entertainment Authority (GEA) has signed an agreement with the Social Development Bank to provide SR500 million ($133 million) worth of loans for entertainment projects. “The agreement aims to provide soft loans to finance quality investment opportunities in order to contribute to the growth and sustainability of the entertainment sector and increase the share of its local content, in accordance with Saudi Vision 2030’s goals,” GEA spokesman Saad Al-Ahmari told Arab News.

The new agreement aims to finance no less than 50 new entertainment projects in the Kingdom, Al-Ahmari said. “The Social Development Bank will present project funding to small and medium-sized enterprises through its ‘Ufuq’ program with a total value of SR10 million and will support entrepreneurs through both monetary and nonmonetary solutions,” he added.

The entertainment sector is a key element of the cultural goals set out as part of Vision 2030, which aims to increase household expenditure in the sector from 2.9 percent to 6 percent by the end of the decade. The GEA was established in 2016 and Chairman Turki bin Abdulmohsen Al-Sheikh in May announced the results of the “Ideas for Entertainment” initiative. From the more than 12,000 proposals submitted to the project, the top 20 ideas were selected.

The top submission was “The Grove,” which is described as “a rich experience encompassing an array of activities such as theatrical and musical performances, hiking expeditions and more.” The Saudi entertainment and amusement sector is forecast to be worth $1.17 billion by 2030 and grow by a massive 47.65 percent per year, according to a recent industry report.

Source: Arab News

Saudi Arabia to offer $133m in loans to 50 new entertainment projects

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