Worth of supporting leisure SMEs initiative is SR70 million

by ADeeL

Saudi Gazette report

RIYADH — The Normal Leisure Authority’s (GEA) initiative to help the small and medium-sized enterprises (SMEs) working within the leisure sector in all areas of Saudi Arabia, in partnership with the Financing Assure Program (Kafala), has offered roughly SR70 million as help since its launch in July 2022.

Among the many initiative’s achievements was its help for small and medium-sized enterprises within the leisure sector, which numbered till the top of final June to 16 enterprises.

Whereas the worth of the ensures amounted to SR31.3 million, the place micro, small and medium enterprises (MSMEs) within the leisure sector benefited from them.

The initiative is trying ahead to growing the leisure sector in Saudi Arabia by means of contributing to the expansion of the benefited enterprises, to be able to turn into among the many largest within the sector.

That is along with offering the mandatory ensures to financing establishments.

It additionally goals to extend the proportion of funding for services operated in leisure fields, and the companies associated to the provision chains of the leisure sector and its infrastructure in Saudi Arabia.

That is along with contributing in enhancing the system of the leisure sector and obtain sustainability.

It’s noteworthy that the initiative to help leisure services comes inside the packages of the supporting and stimulating investments within the leisure sector.

That is in coordination between GEA and the High quality of Life Program, with the goal to develop the leisure sector in Saudi Arabia, consistent with the Kingdom’s Imaginative and prescient 2030.

The initiative is a part of the financing options offered by GEA to institutions within the leisure sector in cooperation with banks and financing our bodies within the Kingdom.

GEA clarified that the variety of institutions supported by the initiative has been decided primarily based on the standards of Kafala program.

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