Saudi Film Fund Geared toward Advancing Investment in Film Content

17:44-19 February 2024 AD ـ 10 Sha’ban 1445 AH

Saudi Film Fund Geared toward Advancing Investment in Film Content

MEFIC Capital launched on Monday the Saudi Film Fund with a total capital of SAR375 million, including a 40% investment from the Cultural Development Fund, underscoring the attractive investment landscape in the Kingdom's film and media sector.

The fund aims to spur investment in this industry and provide financing for innovative content production and distribution projects infrastructure.

The strategic Saudi Film Fund is bound to promote high-quality local production; it marks the first investment by the Cultural Development Fund, in collaboration with MEFIC Capital, who will manage the fund.

Roaa Media Ventures will serve as the technical partner that seeks to facilitate collaboration with leading international studios and create content that highlights Saudi culture and values.

The Saudi Film Fund complements the agreement reached by Cultural Development Fund, MEFIC Capital, and Roaa Media Ventures during the Cannes International Film Festival last year. It is a major investment in the industry, and part of the film sector financing program initiated by the Cultural Development Fund in 2023 under the Digital Content Program (IGNITE) that aims to increase digital content in the Kingdom.

The Saudi film production market has experienced significant growth, with an annual growth rate exceeding 25%. It is the largest consumer market for creative and cinematic content in the Arab world, driven by initiatives from the Ministry of Culture and the Quality of Life Program, part of the goals of Vision 2030.

This growth is proof of the rising demand for local culture and language in cinematic works, influenced by the increasing role of digital broadcast networks as competitors to traditional cinema halls, which boosts the consumption of visual content.

Entertainment

Comic-Con Fans Assemble as Marvel Eyes Major Reboot

Convention attendees blur past a wall of illustrated Marvel superhero characters during preview night for Comic-Con International, Wednesday, July 24, 2024, in San Diego. (AP)

11:08-25 July 2024 AD ـ 19 Muharram 1446 AH

Comic-Con Fans Assemble as Marvel Eyes Major Reboot

Convention attendees blur past a wall of illustrated Marvel superhero characters during preview night for Comic-Con International, Wednesday, July 24, 2024, in San Diego. (AP)

Comic-Con returns in full force to San Diego this week, where a hugely anticipated Marvel superhero film event is among the draws for tens of thousands of hyped-up fans dressed as fantasy heroes and sci-fi villains.

One of the world's largest pop culture events, Comic-Con began five decades ago as a humble comic book-themed gathering in a hotel basement, but today draws vast crowds and A-list stars promoting new movies and television shows.

Last year's edition was dampened by Hollywood strikes -- which prevented actors from attending, and quelled fan interest -- but Comic-Con is expected to draw 130,000 attendees back to the southern Californian city this time around.

The hottest ticket is the Saturday night Marvel movies presentation, at which parent company Disney is expected to unveil plans to reboot its mega-grossing superhero film franchise, after years of high-profile missteps.

The Marvel movies dominated Hollywood and global box offices for years, with 2019's "Avengers: Endgame" briefly becoming the highest-grossing film of all time at more than $2.79 billion.

But the past few years have brought more flops than hits, as fans complained about over-complicated plotlines and mourned the departure of favorite characters like Robert Downey Jr's "Iron Man."

And the franchise has been rocked by domestic violence revelations about actor Jonathan Majors, who had been set to become the major new supervillain across multiple films.

Majors, who was convicted for assaulting and harassing his then-girlfriend, has been dropped by Marvel, but there is no word on who -- or what -- will replace him.

Saturday's presentation is expected to reveal how Disney will move forward without him, and has been billed as a potential "make or break" moment by some observers.

It will take place inside the 6,000-capacity Hall H, where many camp in line for days to gain access.

"If the company wants to lure in anyone besides the dwindling ranks of... diehards, it needs to bring the answer to these questions to Hall H," wrote Susana Polo, for entertainment news outlet Polygon.

- Aliens, Deadpool and Ancient Rome -

Also on the Comic-Con lineup from Disney are a look at "Alien: Romulus," the latest in the long-running sci-fi saga, and a "celebration" event for this weekend's major superhero release, "Deadpool & Wolverine."

Rival studio Warner, which runs the DC superhero movies, is keeping a lower profile, but will offer a glimpse at its Batman spinoff TV series "The Penguin," starring Colin Farrell.

Elsewhere, "Those About To Die," a bloody romp through Ancient Rome and its macabre world of chariot races and gladiator fights, starring Anthony Hopkins, will host multiple fan events.

Amazon's Prime Video will lift the lid on the second season of its "Lord of the Rings" television series, which aims to improve on the mixed reviews for its hugely expensive debut season two years ago.

And following the success of recent video game adaptations for the small screen such as "Fallout" and "The Last of Us," Amazon will take viewers into the underworld of Japanese crime lords with "Yakuza: Like a Dragon," based on the hit games from Sega.

But for many, Comic-Con is primarily a place to dress up as Disney characters or fearsome samurai warriors, and meet with like-minded fans to buy and trade comic books.

Comic-Con runs from Thursday until Sunday.

Saudi Film Fund Geared toward Advancing Investment in Film Content