In the past few weeks, Saudi Arabia has once again been making strategic moves and launching transformative projects, with the ultimate aim of growing its leisure and entertainment sectors. As part of positioning itself as the go-to destination for traditional and futuristic, and everything in between, the Kingdom’s General Entertainment Authority (GEA) has signed a memorandum of understanding (MoU) with the Social Development Bank (SDB), to provide soft financing amounting to $133 million (USD).
This soft loan, which is essentially a loan given with next-to-no or no interest with extended grace periods, will support dozens of projects – for now at least 50 – and to support the sector through the establishment of credit mechanisms, while making sure projects conform to standards, laws, and regulations. SDB will also provide small business financing through the Ofoq program and will offer guidance, support, and capacity building programs.
Film #AlUla will showcase an extraordinary, mostly unexplored destination in Saudi Arabia which presents filmmakers and the world at large with some of earth’s most sensational scenery.https://t.co/iu8wUp28u7
— About Her (@AboutHerOFCL) July 6, 2021
This MoU follows last month’s announcement that the GEA issued a staggering 1,082 licenses to investors in Saudi Arabia’s entertainment sector through its digital platform, Entertainment Gate, a hassle-free platform created to allow any investor or company to apply for all necessary paperwork, permits, and accreditation certificates.
In parallel to investments being made to its entertainment, leisure, and cultural sectors, Saudi Arabia also announced this week that it will invest a staggering $133.34 billion in its transportation sector, with the aim to transform the nation into a global transportation and logistics hub, according to a recent report by Reuters.
