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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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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.