Saudi GEA signs MoU with Bank AlJazira for funding in entertainment sector

The MoU comes as part of a package of services and solutions that GEA provides to entertainment companies to sustain and develop the entertainment industry

  
Saudi men perform a traditional folk dance at the cultural village of Rijal Almaa in the outskirts of Abha, Saudi Arabia July 17, 2020.

Saudi men perform a traditional folk dance at the cultural village of Rijal Almaa in the outskirts of Abha, Saudi Arabia July 17, 2020.

REUTERS/Ahmed Yosri

RIYADH: Saudi Arabia’s General Entertainment Authority (GEA) signed a memorandum of understanding with Bank AlJazira on Wednesday, under the guidance of chairman Turki bin Abdulmohsen Al-Sheikh, to find financing solutions for the Kingdom’s entertainment sector.

The MoU comes as part of a package of services and solutions that GEA provides to entertainment companies to sustain and develop the entertainment industry.

The GEA is working with a number of specialists to provide more solutions and services to these companies. The MoU is also the first of a series of agreements that will be signed soon with several financial institutions with which negotiations are currently underway.

The objectives of cooperation between GEA and banks include supporting private sector SMEs, developing the entertainment sector and ensuring its sustainability, encouraging entertainment activity in various regions of the Kingdom and developing local content of entertainment activities.

These efforts will contribute to providing distinctive entertainment activities and events, assisting salary payment of companies’ employees and meeting financial obligations and providing job opportunities for the youth.

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