RIYADH — Under the guidance of Chairman of the Board of Directors of the General Entertainment Authority (GEA), Turki Bin Abdulmohsen Al-Sheikh, the Authority signed a memorandum of understanding with Bank AlJazira Wednesday to find various financing solutions for entertainment companies in Saudi Arabia.

The MoU comes as part of a package of services and solutions that GEA provides to entertainment companies to sustain and develop the entertainment sector. GEA works with a number of specialists to provide more solutions and services to these companies.

The MoU is also the first of a series of agreements that will be signed soon with several financial institutions with which negotiations are currently under way.

The objectives of cooperation between GEA and banks include supporting private sector SMEs, developing the entertainment sector and ensuring its sustainability, encouraging entertainment activity in various regions of the Kingdom and developing local content of entertainment activities.

These efforts will contribute to provide distinctive entertainment activities and events, assisting salary payment of companies’ employees and meeting financial obligations and providing job opportunities for the youth. — SG