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 7600     
 
 
 
News stories: 1 - 30 of 7600     
 
 
 
company profile
Company profile: Painting With Light
Painting with Light is a team of professional lighting and multimedia experts who design and produce visual experiences that dazzle & shine.
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
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

Interview: John McElgunn and Stephen Barrett
Stephen Barrett (left) 
and John McElgunn (right) were both made partners at RSHP in 2016
"Leisure space – public space – is at the very root of democracy, and architecture is about democracy"

As RSHP completes its latest cultural project, we speak to two of its partners about why Richard Rogers isn’t leaving his succession to chance

Catalogue Gallery
Click on a catalogue to view it online
To advertise in our catalogue gallery: call +44(0)1462 431385
Winding pathways lead visitors through the site, connecting Whiting Forest with Dow Gardens
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

CopenHill urban ski centre
"It was born from the sheer anxiety of having to submit something brilliant in a very short timescale"

How a moment of desperation led to BIG’s CopenHill, the clean power plant that’s doubling as a skiing and leisure destination. Magali Robathan speaks to the architects that made it happen

features
Olga Polizzi is director of design for Rocco Forte Hotels and also owns two of her own hotels
"On Via Sistina, everything breathes history. At the same time I wanted to reflect the modern hunger for the fantastical - Tommaso Ziffer"

Following the highly anticipated launch of Rome’s Hotel de la Ville, Rocco Forte’s director of design reflects on a fascinating project

BIG associate Jeremy Siegel is leading the BIG U project in New York
"Funding woes and murky timelines are common problems. It can be easier to make a difference one small project at a time"

From parks designed to mitigate the effects of flooding to warming huts for one of the world’s coldest cities, these projects have been designed for increasingly extreme climates

Equinox Hotel Hudson Yards is housed in 35 Hudson Yards, a tower building designed by SOM’s David Childs
"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

cladkit product news
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 ...
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 ...
Painting with Light pushes boundaries to create unforgettable visual concepts
The team combines lighting, video, sound and special effects, with scenic and architectural elements, to create unforgettable visual experiences
Megan Whitby
Belgium-based light and video design studio, Painting with Light, will translate the story of your location into a visual experience, ...
cladkit product news
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 ...
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 ...
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 ...
cladkit product news
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 ...
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 ...
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, ...
x
Sign up with CLAD for regular news updates
x
Email this to a friend or colleague
I am happy for Leisure Media to contact me occasionally by email and understand that I can opt out at any time.
Saudi Arabia offers US$133m in loans to create 50 new attractions
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.