GET ATTRACTIONS MANAGEMENT
magazine
Yes! Send me the FREE digital edition of Attractions Management and the FREE weekly Attractions Management ezines and breaking news alerts!
Not right now, thanksclose this window
POST YOUR JOB ONLINE
Free ezine/digital edition sign up
Jobs   News   Features   Video    Products   Company profilesProfiles   Magazine   Handbook   Advertise  
NEWS
Saudi Arabia offers US$133m in loans to create 50 new attractions
POSTED 12 Jul 2021 . BY Tom Walker
The entertainment sector is identified as a key element of Vision 2030's cultural goals Credit: SHutterstock/alsanqer abdullah H
Saudi Arabia will provide SAR500m worth of loans to companies delivering attractions and entertainment projects
The funding will provide create at least 50 new projects
GEA has signed a memorandum of understanding with the country's Social Development Bank
The loans fit in with the overall objectives of Saudi Arabia's Vision 2030 strategy
Saudi Arabia's General Entertainment Authority (GEA) has pledged to provide SAR500m (US$133m, €112m, £96m) worth of loans to companies, in order to create new attractions and entertainment projects in the country.

GEA has signed a memorandum of understanding with the country's Social Development Bank (SDB), which will see soft financing opportunities being made available to investments that contribute towards the growth and sustainability of the Saudi attractions and entertainment sector and "increase its local content".

The MoU outlines the collaboration approach between the two entities, which will see them financing "noteworthy attractions and entertainment activities" that meet applicable rules and regulations, as well as devising credit mechanisms, agreements, and performance standards.

GEA will refer eligible companies to the SDB to apply for the needed funding.

Funding for the projects chosen will be provided through SDB's Ufuq programme and will support companies through both monetary and non-monetary solutions.

The agreement also expands a list of partnerships, signed by GEA with several banks, to offer financing and varied funding solutions in support of entertainment entities.

The MoU complements a series of agreements for SDB, which aims to empower economic development opportunities by offering financial services to qualified projects from GEA.

The loans fit in with the overall objectives of Saudi Arabia's Vision 2030, which maps out the country's plans to become an 'industrial powerhouse' in a range of business sectors.

The entertainment sector is identified as a key element of Vision 2030's cultural goal – not least due to the target of increasing household spending in the sector from 2.9 per cent to 6 per cent.
RELATED STORIES
  Saudi Arabia's Fitness Time plans 70 new openings in next five years


Fitness Time, the largest network of sport and fitness clubs in Saudi Arabia, is embarking on an ambitious expansion drive which will see it open at least 70 new sites over the next five years.
  GOCO consults on vast zero-carbon resort in Saudi Arabia


Plans have been announced for a zero-carbon resort destination to be built by the Red Sea in northwest Saudi Arabia.
  World's tallest, fastest and longest coaster planned for Six Flags' Saudi venture


Six Flags Qiddiya, the theme park that will be a key entertainment facility at the new city of Qiddiya, being built 40km (25m) from the Saudi capital of Riyadh, will have the "longest, tallest and fastest" rollercoaster in the world, as well as the world's tallest drop-tower ride.
  Work to begin on ambitious US$500bn NEOM project in Saudi Arabia


Construction work is set to begin on a huge urban development in Saudi Arabia – described as one of the "world's ambitious building projects".
MORE NEWS
Foster and Partners reveal design for sustainable marine life centre on the Red Sea
Live-streaming 'digital tour' enters the attractions sector
Live-streaming platform Heygo has ventured into the cultural visitor attractions sector by partnering with a number of museums in the UK and US.
Brad Pitt makes debut as sculptor at Finnish art museum
Hollywood superstar, Brad Pitt, has made his debut as a sculptor as part of British artist Thomas Houseago’s first ever exhibition in the Nordic countries.
World's longest and 'technologically advanced' zipline planned for Iceland
A 1km-long zipline offering riders speeds of 120km/h is set to open in Iceland later this year.
+ More news   
LATEST JOBS
Head of Visitor Experience
Hollow Rock
Salary: £62,000pa + Bonus potential of £20,000pa
Job location: Gibraltar, British Overseas Territory, Europe ,
Head of Leisure Services
Lambeth Council
Salary: £65,170 - £80,480
Job location: Lambeth, London , United Kingdom
Water Quality Engineer
Edinburgh Leisure
Salary: £33,513 - £37,236pa
Job location: Edinburgh , United Kingdom
+ More jobs  

COMPANY PROFILES
ProSlide Technology, Inc.

A former national ski team racer, ProSlide® CEO Rick Hunter’s goal has been to integrate the smoot [more...]
RMA Ltd

RMA Ltd is a one-stop global company that can design, build and produce from a greenfield site upw [more...]
DJW

David & Lynn Willrich started the Company over thirty years ago, from the Audio Visual Department [more...]
instantprint

We’re a Yorkshire-based online printer, founded in 2009 by Adam Carnell and James Kinsella. [more...]
+ More profiles  
FEATURED SUPPLIER

Attractions industry to reunite this September at IAAPA Expo Europe in London
For the first time in more than a decade, industry leaders from across the global attractions industry will once again gather in London as part of the annual IAAPA Expo Europe, the sector’s premier international event. [more...]
VIDEO GALLERY

Red Raion TV - Opening Event: FICO Eataly World
Last July 7th, Red Raion took part in the opening event of FICO Eataly World, the Italian theme park dedicated to food - the only one worldwide! Find out more...
More videos:
Red Raion TV - Testimonial: Leolandia – Red Raion
Red Raion Showreel 2021 – Red Raion
IAAPA Expo Europe Promo – International Association of Amusement Parks and Attractions (IAAPA)
+ More videos  

CATALOGUE GALLERY
 

+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

13 Oct 2022

VAC 2022

The ICC Birmingham, Birmingham, United Kingdom
25-28 Oct 2022

Synergy - The Retreat Show

Ibiza, Ibiza, Spain
+ More diary  
LATEST ISSUES
+ View Magazine Archive

Attractions Management

Issue 2 Volume 27


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management

Issue 1 Volume 27


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management

Issue 4 Volume 26


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management

2021 issue 3


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management News

06 Apr 2020 issue 153


View on turning pages
Download PDF
View archive
FREE digital subscription
Print subscription

Attractions Handbook

2019


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription
 
ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
 
ATTRACTIONS MANAGEMENT
ATTRACTIONS MANAGEMENT NEWS
ATTRACTIONS HANDBOOK
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS
ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2022
Jobs    News   Products   Magazine
NEWS
Saudi Arabia offers US$133m in loans to create 50 new attractions
POSTED 12 Jul 2021 . BY Tom Walker
The entertainment sector is identified as a key element of Vision 2030's cultural goals Credit: SHutterstock/alsanqer abdullah H
Saudi Arabia will provide SAR500m worth of loans to companies delivering attractions and entertainment projects
The funding will provide create at least 50 new projects
GEA has signed a memorandum of understanding with the country's Social Development Bank
The loans fit in with the overall objectives of Saudi Arabia's Vision 2030 strategy
Saudi Arabia's General Entertainment Authority (GEA) has pledged to provide SAR500m (US$133m, €112m, £96m) worth of loans to companies, in order to create new attractions and entertainment projects in the country.

GEA has signed a memorandum of understanding with the country's Social Development Bank (SDB), which will see soft financing opportunities being made available to investments that contribute towards the growth and sustainability of the Saudi attractions and entertainment sector and "increase its local content".

The MoU outlines the collaboration approach between the two entities, which will see them financing "noteworthy attractions and entertainment activities" that meet applicable rules and regulations, as well as devising credit mechanisms, agreements, and performance standards.

GEA will refer eligible companies to the SDB to apply for the needed funding.

Funding for the projects chosen will be provided through SDB's Ufuq programme and will support companies through both monetary and non-monetary solutions.

The agreement also expands a list of partnerships, signed by GEA with several banks, to offer financing and varied funding solutions in support of entertainment entities.

The MoU complements a series of agreements for SDB, which aims to empower economic development opportunities by offering financial services to qualified projects from GEA.

The loans fit in with the overall objectives of Saudi Arabia's Vision 2030, which maps out the country's plans to become an 'industrial powerhouse' in a range of business sectors.

The entertainment sector is identified as a key element of Vision 2030's cultural goal – not least due to the target of increasing household spending in the sector from 2.9 per cent to 6 per cent.
RELATED STORIES
Saudi Arabia's Fitness Time plans 70 new openings in next five years


Fitness Time, the largest network of sport and fitness clubs in Saudi Arabia, is embarking on an ambitious expansion drive which will see it open at least 70 new sites over the next five years.
GOCO consults on vast zero-carbon resort in Saudi Arabia


Plans have been announced for a zero-carbon resort destination to be built by the Red Sea in northwest Saudi Arabia.
World's tallest, fastest and longest coaster planned for Six Flags' Saudi venture


Six Flags Qiddiya, the theme park that will be a key entertainment facility at the new city of Qiddiya, being built 40km (25m) from the Saudi capital of Riyadh, will have the "longest, tallest and fastest" rollercoaster in the world, as well as the world's tallest drop-tower ride.
Work to begin on ambitious US$500bn NEOM project in Saudi Arabia


Construction work is set to begin on a huge urban development in Saudi Arabia – described as one of the "world's ambitious building projects".
MORE NEWS
Foster and Partners reveal design for sustainable marine life centre on the Red Sea
Live-streaming 'digital tour' enters the attractions sector
Live-streaming platform Heygo has ventured into the cultural visitor attractions sector by partnering with a number of museums in the UK and US.
Brad Pitt makes debut as sculptor at Finnish art museum
Hollywood superstar, Brad Pitt, has made his debut as a sculptor as part of British artist Thomas Houseago’s first ever exhibition in the Nordic countries.
World's longest and 'technologically advanced' zipline planned for Iceland
A 1km-long zipline offering riders speeds of 120km/h is set to open in Iceland later this year.
Triotech secures deal to supply rides for Puy Du Fou Asia's first Chinese attraction
Triotech has secured a deal to supply its interactive ride technology for the SAGA Experience, an immersive attraction being developed in the heart of Shanghai, China, by Puy du Fou Asia.
Tangled attraction among new additions revealed for Disneyland Paris Resort
A Tangled-themed family ride is among a range of new attractions revealed for the Walt Disney Studios Park at Disneyland Paris Resort, France.
+ More news   
 
COMPANY PROFILES
ProSlide Technology, Inc.

A former national ski team racer, ProSlide® CEO Rick Hunter’s goal has been to integrate the smoot [more...]
RMA Ltd

RMA Ltd is a one-stop global company that can design, build and produce from a greenfield site upw [more...]
DJW

David & Lynn Willrich started the Company over thirty years ago, from the Audio Visual Department [more...]
instantprint

We’re a Yorkshire-based online printer, founded in 2009 by Adam Carnell and James Kinsella. [more...]
+ More profiles  
FEATURED SUPPLIER

Attractions industry to reunite this September at IAAPA Expo Europe in London
For the first time in more than a decade, industry leaders from across the global attractions industry will once again gather in London as part of the annual IAAPA Expo Europe, the sector’s premier international event. [more...]
VIDEO GALLERY

Red Raion TV - Opening Event: FICO Eataly World
Last July 7th, Red Raion took part in the opening event of FICO Eataly World, the Italian theme park dedicated to food - the only one worldwide! Find out more...
More videos:
Red Raion TV - Testimonial: Leolandia – Red Raion
Red Raion Showreel 2021 – Red Raion
IAAPA Expo Europe Promo – International Association of Amusement Parks and Attractions (IAAPA)
+ More videos  

CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

13 Oct 2022

VAC 2022

The ICC Birmingham, Birmingham, United Kingdom
25-28 Oct 2022

Synergy - The Retreat Show

Ibiza, Ibiza, Spain
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2022

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
ATTRACTIONS MANAGEMENT NEWS
ATTRACTIONS HANDBOOK
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS