Saudi Arabia’s entertainment authority increases its financial support for SMEs
The programme offers coverage of up to 90 per cent, depending on the size of enterprise
Dubai: Saudi Arabia’s general entertainment authority (GEA) increases its financial support for small and medium enterprises (SMEs) in the sector to up to $26.6 million (Dh97 million), according to a press release.
The initiative, in partnership with the Kafalah financing guarantee program for SMEs, aims to enhance and empower the entertainment industry in the country, as stated in a post by the GEA on the X platform.
The programme offers coverage of up to 90 per cent, depending on the size of the enterprise.
Initially launched in 2022, the initiative provided financing of up to $3.9 million (Dh14 million) for medium enterprises, $1.3 million (Dh4.7 million) for small companies, and $660,000 (Dh2.4 million) for micro-businesses through approved banks and financing firms.
This programme is part of a broader effort to support and stimulate investments in the entertainment sector, coordinated by the ministry of finance, the GEA, and the quality of life programme centre.
It aligns with the objectives of Saudi Vision 2030, which is to support and develop the entertainment industry in the country and diversify the economy away from oil.
The initiative aims to further develop the entertainment sector by contributing to the growth of beneficiary establishments, helping them evolve into a major entity within the industry as well as enhance the entertainment sector’s ecosystem and promote sustainability.