Palestinians uncertain as FIFA, UEFA step in to save soccer pitch from Israeli demolition    House panel votes to hold Clintons in contempt in Epstein probe    Trump backs off tariffs threat, says Greenland deal framework reached    Saudi Arabia signs agreement with World Economic Forum to accelerate industrial transformation    Over 78 million faithful visit Two Holy Mosques in a month    Saudi FM meets British, French counterparts in Davos    Northern Saudi cities record coldest temperatures of winter as mercury drops to –3°C    Arab coalition condemns deadly attack on Giants Brigades commander in Yemen    Sha'ban crescent sighted Tuesday    Saudi POS transactions reach 236 million, SR4bn in one week    Al-Khateeb highlights Saudi-UN partnership to shape quality of life in future cities    122 million tourists spend SR300 billion in Saudi Arabia in 2025    Italian fashion legend Valentino dies at 93    Saudi orchestra brings 'Marvels of Saudi Orchestra' to AlUla with 107 musicians    Katy Perry makes Saudi debut at Joy Awards, praises Saudi design and hospitality    Hail wins Guinness World Record with largest off-road production cars convoy    SFDA approves registration of 'Anktiva' for treatment of bladder and lung cancer    Saudi Darts Masters 2026 to offer record $200,000 prize for nine-dart finish    Al Taawoun condemn "repeated refereeing injustice" after late penalty defeat    British boxer Anthony Joshua discharged from hospital after Nigeria car crash    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.