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.
