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  • 11-07-21

    Saudi Arabia’s General Entertainment Authority to provide USD133M worth of loans

    (MENAFN)Saudi Arabia’s General Entertainment Authority (GEA) inked a deal with the Social Development Bank to provide SR500 million (USD133 million) value of loans for entertainment projects.

    Arab News quoted GEA spokesman Saad Al-Ahmari as saying that “The agreement aims to provide soft loans to finance quality investment opportunities in order to contribute to the growth and sustainability of the entertainment sector and increase the share of its local content, in accordance with Saudi Vision 2030’s goals.”

    Al-Ahmari further stated that the new deal plans to fund more than 50 new entertainment projects in the Kingdom.

    He further declared that “The Social Development Bank will present project funding to small and medium-sized enterprises through its ‘Ufuq’ program with a total value of SR10 million and will support entrepreneurs through both monetary and nonmonetary solutions.”

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