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.



China Metals Tumble on Recession Fears Amid Escalating Trade War 

A woman looks at her phone in the financial district of Shanghai on April 7, 2025. (AFP)
A woman looks at her phone in the financial district of Shanghai on April 7, 2025. (AFP)
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China Metals Tumble on Recession Fears Amid Escalating Trade War 

A woman looks at her phone in the financial district of Shanghai on April 7, 2025. (AFP)
A woman looks at her phone in the financial district of Shanghai on April 7, 2025. (AFP)

Base metal prices in China tumbled on Monday amid escalating trade war concerns and recession fears, while London metals flipped to a decline after rising on arbitrage trading.

The most-traded copper contract on the Shanghai Futures Exchange (SHFE) dropped 7.0% to 73,640 yuan per metric ton as of 0805 GMT, hovering near its lowest level in over three months since January 3.

SHFE market was closed last Friday for a holiday.

"The retaliatory tariff makes us worry about trade war, which will impede economic growth globally," a metals trader said.

Top metals consumer China hit back on Friday with additional 34% tariffs on all US goods from April 10, after US President Donald Trump imposed a 34% tariff on most Chinese goods as part of his sweeping reciprocal tariffs.

Meanwhile, the benchmark three-month copper on the London Metal Exchange (LME) lost 0.5% to $8,733 per ton. Eearlier in the day, copper rose 3% on arbitrage trading.

"When the SHFE market opened in the morning, arbitrage traders actively traded on both SHFE and LME, capitalizing on the price gap to generate profit. Their activity increased market liquidity, which in turn pushed LME metals prices higher," a second base metals trader said.

"Then in the afternoon, the western traders participated in trading, and worries about recession took over," the second trader said.

The traders requested anonymity as they were not authorized to speak to the media.

Arbitrage trading between LME and SHFE happens when traders buy metals on an exchange where it's cheaper and sell it where it's more expensive, profiting from the price difference.

SHFE aluminium slid 3.7% to 19,685 yuan a ton, zinc lost 2.2% to 22,625 yuan, lead fell 3.1% to 16,660 yuan, while nickel was down 7.5% to 118,640 yuan, tin fell 8.6% to 267,800 yuan.

Among other metals, LME aluminium lost 1.0% to $2,355 a ton, lead declined 1.5% to $1,878, zinc lost 2.2% to $2,599, tin was down 4.9% at $33,650 and nickel was down 3.1% at $14,305 a ton.

LME aluminium, lead and zinc rose between 0.5% and 1.6% earlier in the day.