Justice minister, DGA chief discuss partnership to boost digital judicial services    Netanyahu does not rule out further strikes on Hamas leaders    US farmers are being squeezed – and it's testing their deep loyalty to Trump    Romania condemns 'irresponsible' Moscow after Russian drone breaches its airspace    Kirk's assassination is forcing US politicians to make difficult choices about their safety    India players refused handshakes, says Pakistan coach    Final stage of Spanish Vuelta cycling race abandoned after disruption by pro-Palestine protesters    Mané fires Al Nassr past Al Kholood to keep perfect start as Ronaldo honored    Lacazette brace earns NEOM SC first Saudi Pro League win    Adolescence star Owen Cooper makes Emmys history at 15    Saudi liquidity grows 8.4%, reaching SR3.1 trillion in July 2025    Over 434,000 people acquire first aid skills during nationwide health campaign    Saudi Arabia's legislative advancement highlighted at International Conference on Judicial Training    Sudden swerving among 3 major causes of accidents in Riyadh in 2024    Princess Haifa emphasizes pivotal Saudi role in shaping future of tourism    Sahm Capital names Saudi Olympian Fayik Abdi as brand ambassador    SR9000 fine for copyright infringement using AI    King Charles and Prince Harry finally reunite after 19 months apart    Anastacia: Arnold Schwarzenegger made me sing Whatta Man 12 times    Thousands pay their last respects to Giorgio Armani, private funeral on Monday    The key to happiness    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



GEA, Social Development Bank launch SR500mn soft financing project
The Saudi Gazette Published in The Saudi Gazette on 08 - 07 - 2021

RIYADH — The General Entertainment Authority (GEA) signed a memorandum of understanding (MoU) with the Social Development Bank on Wednesday at GEA's headquarters in Riyadh as part of its ongoing efforts aiming to encourage the development of quality entertainment projects in Saudi Arabia.
The MoU will present soft financing opportunities with a total value of SR500 million in support of investment opportunities and to contribute to growth and sustainability of the entertainment sector and increase its local content in line with the goals of the Kingdom's Vision 2030.
The MoU, co-signed by GEA's CEO Eng. Faisal Bafarat and Social Development Bank's CEO Ibrahim Al-Rashid, outlines the collaboration approach between the two entities to finance entertainment activities that meet applicable rules and regulations, as well as devise credit mechanisms, agreements, and performance standards.
The GEA will refer eligible companies to the Social Development Bank to apply for the needed funding.
Throughout the duration of the MoU, GEA seeks to empower no less than 50 projects by nurturing their capabilities and ensuring their fulfillment of the requirements and standards set by both entities, in addition to offering market data and stimulus packages to companies that wish to receive funding.
On its end, the Social Development Bank will present project funding to SMEs through its "Ufuq" program with a total value of SR10 million, and will support entrepreneurs through both monetary and non-monetary solutions.
The MoU complements a series of agreements that embody the role of the Social Development Bank aiming to empower economic development opportunities by offering financial services to qualified projects from GEA, in an effort to create investment and capacity building opportunities and offer consultation and guidance to Saudi youth, entrepreneurs, and SMEs within the entertainment sector.
The agreement also expands a list of partnerships signed by GEA with several banks to offer financing and funding solutions in support of entertainment entities.

Clic here to read the story from its source.