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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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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo

The US dollar charged ahead on Thursday, underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs.

The focus for markets in 2025 has been on US President-elect Donald Trump's agenda as he steps back into the White House on Jan. 20, with analysts expecting his policies to both bolster growth and add to price pressures, according to Reuters.

CNN on Wednesday reported that Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Monday, the Washington Post said Trump was looking at more nuanced tariffs, which he later denied.

Concerns that policies introduced by the Trump administration could reignite inflation has led bond yields higher, with the yield on the benchmark 10-year US Treasury note hitting 4.73% on Wednesday, its highest since April 25. It was at 4.6709% on Thursday.

"Trump's shifting narrative on tariffs has undoubtedly had an effect on USD. It seems this capriciousness is something markets will have to adapt to over the coming four years," said Kieran Williams, head of Asia FX at InTouch Capital Markets.

The bond market selloff has left the dollar standing tall and casting a shadow on the currency market.

Among the most affected was the pound, which was headed for its biggest three-day drop in nearly two years.

Sterling slid to $1.2239 on Thursday, its weakest since November 2023, even as British government bond yields hit multi-year highs.

Ordinarily, higher gilt yields would support the pound, but not in this case.

The sell-off in UK government bond markets resumed on Thursday, with 10-year and 30-year gilt yields jumping again in early trading, as confidence in Britain's fiscal outlook deteriorates.

"Such a simultaneous sell-off in currency and bonds is rather unusual for a G10 country," said Michael Pfister, FX analyst at Commerzbank.

"It seems to be the culmination of a development that began several months ago. The new Labour government's approval ratings are at record lows just a few months after the election, and business and consumer sentiment is severely depressed."

Sterling was last down about 0.69% at $1.2282.

The euro also eased, albeit less than the pound, to $1.0302, lurking close to the two-year low it hit last week as investors remain worried the single currency may fall to the key $1 mark this year due to tariff uncertainties.

The yen hovered near the key 160 per dollar mark that led to Tokyo intervening in the market last July, after it touched a near six-month low of 158.55 on Wednesday.

Though it strengthened a bit on the day and was last at 158.15 per dollar. That all left the dollar index, which measures the US currency against six other units, up 0.15% and at 109.18, just shy of the two-year high it touched last week.

Also in the mix were the Federal Reserve minutes of its December meeting, released on Wednesday, which showed the central bank flagged new inflation concerns and officials saw a rising risk the incoming administration's plans may slow economic growth and raise unemployment.

With US markets closed on Thursday, the spotlight will be on Friday's payrolls report as investors parse through data to gauge when the Fed will next cut rates.