$133 million deal signed to support Saudi entertainment sector

The fund will provide investment opportunities to contribute to the growth and sustainability of the entertainment sector. (GEA via Twitter)
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Updated 08 July 2021
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$133 million deal signed to support Saudi entertainment sector

JEDDAH: The General Entertainment Authority (GEA) signed a memorandum of understanding with the Social Development Bank (SDB), to provide soft financing amounting to a total of SR500 million ($133 million).

The fund will provide quality investment opportunities to contribute to the growth and sustainability of the entertainment sector.

It will also raise the proportion of local entertainment content in line with the objectives of Saudi Vision 2030.

According to the MoU — signed at the GEA’s headquarters in Riyadh by its CEO Faisal Bafarat and SDB CEO Ibrahim bin Hamad Al-Rashed — the two parties will cooperate through financial support for entertainment activities, harmonization with applicable laws and regulations, and establishing credit mechanisms, agreements and performance standards.

The GEA aims to activate the soft financing product by supporting at least 50 projects throughout the period of the MoU.

HIGHLIGHTS

According to the MoU, the two parties cooperate through financial support for entertainment activities, harmonization with applicable laws and regulations, and establishing credit mechanisms, agreements and performance standards.

The GEA aims to activate the soft financing product by supporting at least 50 projects throughout the period of the MoU. The GEA qualifies quality entertainment projects and conforms them with the conditions and standards approved by both parties. 

The GEA qualifies quality entertainment projects and conforms them with the conditions and standards approved by both parties. 

It also supports partners with market data and the rehabilitation of companies wishing to obtain financing, in addition to providing incentive packages for entertainment projects.

The SDB will also support and finance projects through the Ofoq program, which provides financing for small enterprises amounting to SR10 million. This latest financing project comes as part of a series of agreements with the GEA that embody the role of the bank as a source of economic empowerment with a developmental impact.

The SDB will aim to create and qualify projects for Saudi youth in the entertainment sector, in addition to providing specialized capacity-building programs for entrepreneurs in the sector and providing advice for emerging enterprises.


British explorer completes epic walk across Kingdom

Updated 5 sec ago
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British explorer completes epic walk across Kingdom

  • Alice Morrison’s journey marks a historic first, while Saudi explorer Shaya Al-Shaya finishes close behind

JEDDAH: British explorer Alice Morrison has become the first person to walk the entire length of Saudi Arabia from north to south, completing a 2,200 km journey entirely on foot.

The 62-year-old from Edinburgh reached Najran on the Saudi-Yemen border at 10:30 a.m. on Dec. 15, concluding a 112-day expedition that began on Jan. 1. Accompanied by a specialist support team, Morrison crossed six provinces — Tabuk, Madinah, Makkah, Al-Baha, Aseer and Najran — passing through the UNESCO World Heritage sites of AlUla and Hima and traversing the Prince Mohammed bin Salman Royal Reserve.

The expedition was sponsored by the Royal Commission for AlUla, the Saudi Tourism Authority, and Gym Nation.

Speaking to Arab News, Morrison reflected on the moment she reached the border.

“When I reached the end point of our adventure, the border with Yemen, I felt an overwhelming sense of pride that I had accomplished this dream of mine. I was so full of happiness and also a feeling of achievement. One of the things I am proudest of is the way me and my support team from MAD Adventures worked together.”

Morrison said the idea for the journey was inspired by her father, who once gave her Wilfred Thesiger’s “Arabian Sands,”

While Morrison was the first to complete the crossing, Saudi explorer Shaya Al-Shaya, from Zulfi, finished close behind her, becoming the second person overall, the first Saudi, and the first man to walk the route. 

Morrison said Al-Shaya joined during the first stage of the expedition, missed three days due to illness, then returned to complete the full distance, including all of stage two.

Al-Shaya reportedly told Morrison: “They are so proud of what I’m doing. This is one of the great things in my life to become the first Arab to walk north to south of Saudi Arabia.”

Describing the physical toll of the journey, Morrison said: “This is definitely one of the hardest adventures I have ever done. It was 112 days and we faced heat, sand and headwinds. Also, I got blisters on the first stage which gave me a lot of pain.”

Knowing she had a goal to reach kept her going when she was “exhausted, in pain or just fed up,” she said.

“Walking is a way to see and feel every detail of the path you travel. An exploration but also a meditation,” Morrison explained. “This expedition has exceeded my expectations in every way.”

She noted that the journey challenged her mentally and physically, and shattered her “preconceptions” of Saudi Arabia.

“I’ve walked across a country full of wild landscapes, history ready to be discovered and the most hospitable people in the world. One of the revelations has been the women I've met who are instigating a quiet cultural revolution,” she said.

Accompanied by camels Juicy and Lulu who brought “endless entertainment” in their search for snacks, and supported by a multinational specialist team, Morrison highlighted the generosity she encountered along the way. 

“The Saudis I met on the way have been overwhelmingly kind and hospitable. Everyone wanted to help.”

Despite the challenges, Morrison found the journey shaped just as much by the warmth of the people she met on the way. 

In every village and wild-camp stop, the first question offered was always the same: “How can I help you?”  

Saudi hospitality, given freely and without hesitation, became an essential part of the expedition’s rhythm: navigation advice, weather warnings from shepherds, shared tea, the gift of two live sheep, and even a marriage proposal.

The expedition also recorded archeological observations, including ancient rock carvings, ancient tombs and tools, as well as remnants of the Hejaz Railway, all documented by the team.

Her route followed some of the Kingdom’s earliest pathways of trade, pilgrimage and settlement. 

Stage one ended in AlUla, an ancient crossroads of civilization, and stage two passed through Hima and the old caravan trails of the Elephant’s Road, and intersected with Darb Zubayda, the Abbasid-era pilgrimage route once travelled by thousands.

After months on the trail, Morrison said: “I am going to encourage my relatives and friends to visit to experience it for themselves and if there is a new project offered, I will come back definitely.”