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Saudi Arabia Supports Film Sector with $234.4 Million

The Saudi Cultural Development Fund allocated 70% of its budget to developing film content and 30% to establishing companies (Asharq Al-Awsat)
The Saudi Cultural Development Fund allocated 70% of its budget to developing film content and 30% to establishing companies (Asharq Al-Awsat)
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Saudi Arabia Supports Film Sector with $234.4 Million

The Saudi Cultural Development Fund allocated 70% of its budget to developing film content and 30% to establishing companies (Asharq Al-Awsat)
The Saudi Cultural Development Fund allocated 70% of its budget to developing film content and 30% to establishing companies (Asharq Al-Awsat)

The Saudi Cultural Development Fund (CDF) launched a $234.4 million program to finance the film sector in the Kingdom.

The program aims to support the film industry, provide financing solutions that facilitate the work of local and foreign film companies and creative entrepreneurs, sustainably stimulate the sector’s growth, and transform the Kingdom into a hub for making and investing in films.

CDF Chief Executive Mohammed Bindayel explained that the program would activate two funding tracks, “lending” and “investment.”

During the Ignite the Scene event, CDF launched the “lending” track by signing agreements with its financial partners “Lendo” and “Sukuk Capital” to provide financing packages to companies working in the Saudi film sector.

Bindayel added that the goal is to ensure comprehensive development of the film sector in the Kingdom.

Furthermore, the Executive Director of Strategy and Business Development, Najla al-Nomair, confirmed that the program came after a study of the incentives offered by various entities in the sector.

Nomair pointed to the role of the financing program that complements the system of incentives to maximize the impact of financing solutions to support workers in the sector.

For his part, the Director of the International Relations Department at the Fund, Abdullatif bin Youssef, said that the program targets local and international companies operating in the Saudi film sector through financing packages to support local content and enhance film production in the Kingdom.

The fund also plans to launch the investment track later this year to boost investment in the sector and increase the contribution of the private and non-profit sectors to the development of the industry.

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Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
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Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)

Since 2019, Lebanon has faced one of its worst economic crises in modern history, affecting all aspects of life. The local currency has lost over 95% of its value, driving inflation to record levels and making goods and services unaffordable. Poverty and unemployment have surged.
Amid this, political divisions have paralyzed government action, preventing any effective response to the crisis.
The recent war with Israel added to the burden, causing huge human and material losses estimated by the World Bank at $8.5 billion. This has made Lebanon’s economic and social struggles even harder to resolve, with no president in place to lead the country.
The presidential post in Lebanon has been vacant since President Michel Aoun's term ended in October 2022, leaving the country without a leader to address growing economic and financial issues.
This vacancy has stalled government formation, making it difficult for Lebanon to negotiate with international donors like the International Monetary Fund (IMF), which demands major reforms in exchange for aid.
Choosing a new president is now a critical priority, not only to regain local and international confidence but also to begin the long-needed reforms.
One major challenge the new president will face is the reconstruction effort, which is estimated to cost over $6 billion. This is a huge financial burden that will require significant resources and effort to secure funding.
Reconstruction in Lebanon is not just about fixing infrastructure or repairing damage; it is a key test of the country’s ability to restore its role on the regional and international arena.
To achieve this, Lebanon needs a president with a clear vision and strong international connections, able to engage effectively with donor countries and major financial institutions.
Without credible and unified political leadership, Lebanon’s chances of gaining external support will remain limited, especially as international trust has been shaken by years of mismanagement and lack of reforms.
Keeping Lebanon’s deepening crises in mind, the people are hoping that electing a new president will offer a chance for economic and political recovery.
The new president, along with a strong government, is expected to rebuild trust both locally and internationally and restore political stability—key factors for stopping the economic decline and encouraging growth.
For instance, reviving Lebanon’s vital tourism sector will require better security and restoring confidence in the country as a safe place for investment.
This can only happen with political leadership that has a clear plan for reconstruction and necessary reforms.
Given Lebanon’s ongoing financial struggles, the new president’s ability to address these challenges will be critical to rescuing the country and guiding the economy toward recovery and sustainable growth.