GEA: SAR70 Million Allocated for SMEs in Cooperation with Kafalah Program

The General Entertainment Authority (GEA), in cooperation with the Small and Medium Enterprises Financing Guarantee Program (Kafalah), has launched an initiative to support entertainment facilities, as well as to support and empower medium, small and micro enterprises operating in the entertainment sector, throughout the Kingdom.

Since its launch in July 2022, the amount provided by GEA and Kafalah through the initiative to 16 entertainment facilities has reached SAR70 million, while micro, small and medium enterprises in the entertainment sector received SAR31.3 million in financial guarantees.

The initiative seeks to develop the Kingdom’s entertainment sector by helping the number of such enterprises grow to become among the largest in the sector. It also seeks to provide the necessary guarantees to financing institutions and increase the percentage of funding for facilities involved in entertainment, for services involved in supplying the entertainment sector, and for its infrastructure in the Kingdom. The initiative also aims to contribute to strengthening the entertainment sector to help it achieve sustainability.

The initiative is part of a package of the Support and Stimulate Investments in the Entertainment Sector initiative, carried out by GEA in coordination between the Ministry of Finance and the Quality of Life Program, to support and help the entertainment sector in the Kingdom develop, in line with the aspirations and requirements of 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 institutions in the Kingdom. The number of facilities supported by the initiative was determined based on the criteria set by Kafalah program.

Source: Saudi Press Agency