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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.
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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.
Sign up here to get the Attractions Management weekly ezine and every issue of Attractions Management magazine free on digital.
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".
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Merlin hits the market with surge of new openings
Merlin Entertainments has been busy with a raft of new openings and future project announcements, as the global visitor attractions industry begins to emerge from COVID-19 lockdowns and restrictions.
Hong Kong's Ocean Park opens Water World with 27 new outdoor and indoor attractions
Ocean Park has launched a wide range of new water attractions – including Hong Kong's first ever indoor wave pool.
Kengo Kuma-designed Hans Christian Andersen House opens in city of Odense
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COMPANY PROFILES
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We’re a Yorkshire-based online printer, founded in 2009 by Adam Carnell and James Kinsella. [more...]
Sally Corporation

Our services include: Dark ride design & build; Redevelopment of existing attractions; High-quality [more...]
Holovis

Holovis is a privately owned company established in 2004 by CEO Stuart Hetherington. [more...]
Antonio Zamperla Spa

Founded in 1966, the Antonio Zamperla SPA is privately owned by Mr Alberto Zamperla. Located in Vi [more...]
+ More profiles  
FEATURED SUPPLIER

Triotech and Benoit Cornet’s Bold Move to collaborate on breakthrough innovative media-based attractions
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VIDEO GALLERY

Proslide Tech Inc - ProSlide | Atlantis Dubai
More videos:
+ More videos  

CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

28-30 Sep 2021

International Wellness Tourism Conference

Carillon Miami Wellness Resort, Miami, United States
01-07 Dec 2022

World Leisure Congress 2022

tbc, Dunedin, New Zealand
+ More diary  
 


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