The Saudi Cultural Development Fund (CDF) participated as an official sponsor of the third edition of the Red Sea International Film Festival (RSIFF), from November 30 to December 9, as part of its strategy to establish partnerships, with the non-profit sector, that contribute to the sustainable development of the Saudi film sector, according to a CDF press release.
According to the report, the interest in the fund-presented initiatives created "an atmosphere of dynamic cultural exchange", highlighting "the positive impact of the fund in enabling the sector and contributing to its development".
CDF hosted a "FilmFunding Lunch" at the Wasl Art Space, on December 3, on the sidelines of the festival. The event aligned with the fund's vision, enabled those working in the sector by opening lines of direct communication in a setting designed specifically for top local and international companies, giving them the opportunity to engage in private consultations, become aware of challenges and promote the Film Sector Financing Program, SPA reported.
Saudi Cultural Development Fund Chief Investment and Credit Officer Abdullah Alkhaldi, in a panel discussion titled "Unlocking Co-Production Opportunities with the Arab World", shed light on the government’s role in facilitating investments in the film sector.
Alkhaldi also talked about the fund's endeavor to offer comprehensive financial support for the sector’s full value chain, with a focus on de-risking investments to facilitate market entry for local and international businesses.
CDF concluded its participation at the festival by celebrating the first world premiere of “Ahlam Alasr”, by the Godus brothers “Sohayb Godus and Faris Godus”. The tickets for the film premiere were sold out within five days of the festival; the film garnered wide acclaim from both audience and critics. It was funded by CDF through its Cultural Projects Incentive Program.
Launched two years ago in partnership with the Quality of Life Program, the fund allocated a budget of SAR181 million to provide non-recoupable financing for projects in the cultural sectors, including filmmaking, to meet the needs of the cultural sector and contribute to its development.