The General Entertainment Authority (GEA) has significantly increased its financial support for small and medium enterprises (SMEs) to $26.6 million to boost Saudi Arabia’s entertainment sector. This expanded funding aims to strengthen the industry by providing substantial backing through the Kafalah financing guarantee program.

The program offers coverage of up to 90% based on the size of the enterprise, although specific details regarding the new financing have yet to be disclosed.

Initially launched in 2022, the initiative financed up to $3.9 million for medium enterprises, $1.3 million for small businesses, and $666,070 for micro-businesses through approved banks and financing firms.

This program aligns with Saudi Vision 2030, which aims to develop the entertainment industry in the kingdom significantly. One key objective is to boost household spending on recreation from 2.9% to 6% by 2030.

Additionally, the program seeks to attract over $31.9 billion in investments, create 100,000 direct and indirect jobs, and enhance the sector’s overall economic contribution.

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