Koelnmesse GmbH / FSB
Koelnmesse GmbH / FSB
Koelnmesse GmbH / FSB

Saudi Arabia offers US$133m in loans to create 50 new attractions

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.

Saudi Arabia  Social Development Bank  Vision 2030 
Related stories
09 Dec 2020

Saudi Arabia's Fitness Time plans 70 new openings in next five years

30 Dec 2019

Huge zero-carbon resort planned for Saudi Arabia

28 Aug 2019

World's tallest, fastest and longest coaster planned for Six Flags' Saudi venture

06 May 2019

Work to begin on ambitious US$500bn NEOM project in Saudi Arabia

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
CLD,TAW,VAT,HAM,PUB
The entertainment sector is identified as a key element of Vision 2030's cultural goals / SHutterstock/alsanqer abdullah H
More news
News stories: 1 - 30 of 7617     
 
 
 
News stories: 1 - 30 of 7617     
 
 
 
company profile
Company profile: Alliance Leisure Services Ltd
The company’s core business is the provision of facility development and support for local authorities, educational establishments and leisure trusts that want to improve or expand the leisure products and services they offer.
videos
BluGalaxy a Division of Blu Spas
Blu Spas
This animation showcases the beautiful concept design of BluGalaxy Spa.
Try cladmag for free!
Sign up with CLAD to receive our regular ezine, instant news alerts, free digital subscriptions to CLADweek, CLADmag and CLADbook and to request a free sample of the next issue of CLADmag.
sign up
features
Francis graduated as a landscape architect in Belgium. He returned to Lebanon in 1993
"I believe gardens are where the soul rests"

With a focus on desert landscapes and collaborations with Zaha Hadid and OMA, the principal of Francis Landscapes has a deep belief in the power of nature

The book was published in 2019 by RIBA Publishing
Elina Grigoriou
"Temperature, noise level and colour affect our stress levels. As designers we should be asking ourselves, how do these things match up?"

The London-based interior designer and wellness expert hopes her new book will help readers understand how to design with wellbeing in mind

The swimming pool looks out onto the quarry floor
Martin Jochman founded JADE+QA in 2013. He formerly worked for Atkins
"We didn’t want to put in any gimmicks. We wanted to create a building that’s inherently sustainable through passive sustainability"

When Martin Jochman set out to transform an old quarry into a luxury hotel, he faced some serious challenges

Catalogue Gallery
Click on a catalogue to view it online
To advertise in our catalogue gallery: call +44(0)1462 431385
features
The Standard Kings Cross is located opposite St Pancras Railway Station
"We tried to take over in a friendly way"

The Standard’s first London hotel is bold, fun and full of surprising touches

Manuelle Gautrand
"The cities where you have good cultural buildings and facilities – it’s a way for people to mix, to share the city in a much deeper way"

The French architect and winner of the 2017 European Prize for Architecture tells us why she is determined to surprise

Marianne Shillingford
"The technology involved in paint is extraordinary"

Used cleverly, colour has the power to influence how people use the spaces they inhabit, says the creative director of Dulux

features
"We’ve designed the space so that the atmosphere is intimate"

Les Mills’ new studio spaces at its iconic Auckland City Gym showcase a trend away from masculine ‘grunty’ gyms to something altogether different

The Electric Lemon restaurant features glamorous interiors by Rockwell Group
"Further hotels have been confirmed for Los Angeles, Santa Clara, CA, Seattle, Chicago and Houston"

Rockwell Group and Joyce Wang on the inspirations behind the guest rooms, public spaces, spa and gym at Equinox Hotel Hudson Yards

Landscape design: Back to nature
Alan Metcalfe
"When people are a bit scared, they gather together"

Featuring a vibrating glass platform and one of the US’s longest tree canopy walks, Whiting Forest has been designed to bring visitors closer to nature and to one another

cladkit product news
Siminetti unveils first glimpses of Mother of Pearl decorative surfaces inspired by the four seasons
The new winter design is finished with naturally occurring hexagonal patterns found in snowflakes
Megan Whitby
Siminetti has collaborated with British designer Chrisanna London to create a luxury Mother of Pearl decorative surface range inspired by ...
Atelier Alain Ellouz launches handcrafted precious stone lighting collection
LYRA has a sleek, cylindrical design complete with an elegant brass dimming switch
Megan Whitby
LYRA, GAMA, MONA and ATHENA are the first pieces from designer Atelier Alain Ellouz’s new.édition collection of handcrafted stone lighting ...
Christie laser projectors power new Five Senses Bubble dome theatre
The dome aims to integrate technology with arts and culture
Magali Robathan
Christie® GS Series 1DLP® laser projectors are delivering vivid and lifelike visuals in a new dome theatre located in Xiong’an ...
cladkit product news
LianTronics’ glasses-free 3D Star Trek LED screen attracts attention
Magali Robathan
LianTronics’ giant curved LED wall with stunning glasses-less 3D spaceship display effect has attracted many on the street of Chengdu, ...
Cosm unveils Experience Centre with ‘one of a kind’ LED dome
The new Experience Centre houses a 20m LED dome
Magali Robathan
Cosm, a global technology company that builds end-to-end solutions for immersive experiences, has unveiled its Experience Centre which houses a ...
Fabio Alemanno Design uses elegant semi-precious stones to create memorable spa experiences
Alemanno believes the stones are well-placed in the spa environment thanks to their capacity to positively support physical and mental health
Megan Whitby
Fabio Alemanno Design has expanded its collection with semi-precious stones to enhance spas, wellness facilities, hotels and private residences. The ...
cladkit product news
Móz Designs columns anchor the world’s largest indoor aquarium
The design of the columns was inspired by the sea
Magali Robathan
After a two-year renovation, Oakland-based metal experts Móz Designs have unveiled their inclusion in Georgia Aquarium’s new shark gallery. Located ...
ASPA International launches handheld UV-C light disinfection lamp
The compact plug-in product can be used easily in a commercial spa or domestic setting to disinfect surfaces with UV-C light
Megan Whitby
For over 30 years, ASPA International has designed and built high-quality spas for the hotel, health and wellness sectors. During ...
Diamond balloon concept merges tourist attraction with advertising billboard
Magali Robathan
A group of Dutch engineers have presented a new attractions concept that combines a flying observation cabin with LED digital ...
x
Sign up with CLAD for regular news updates
Koelnmesse GmbH / FSB
Koelnmesse GmbH / FSB