The Saudi Cultural Development Fund (CDF) revealed a new investment program in the film sector at a value of 300 million Saudi riyals (about $80 million), and the launch of a global partnership with international institutions.
The Cultural Fund launched its new investment program on the sidelines of the Cannes Film Festival, which is being held in France, with the participation of various Saudi entities.
The CDF announced partnerships with MEFIC Capital and holding company ROAA Media Ventures to establish the Film Investment Fund, budgeted at $100 million.
The CDF will contribute 40% of the amount, through an investment program launched during the Cannes Festival, as part of the IGNITE government digital content program’s film sector financing initiative.
In this context, Mohammed bin Dayel, CEO of the CDF, said the new fund aims to invest in film sector companies and projects, and provide the necessary financing, build a network of entrepreneurs and distribution experts to support companies.
He added that the fund also seeks to collaborate with local and international investors and attract foreign expertise to turn the Kingdom into a major film-making center.
Bin Dayel stressed that the Saudi film industry was one of the fastest growing cultural sectors in the Kingdom, in light of the growing demand for cinematic content, which necessitates supporting visual content makers and companies.
The CDF plans through the investment track to achieve self-sustainability, and to build an effective and supportive film sector by 2030.
According to bin Dayel, the budget allocated to the Film Sector Financing Initiative is the highest among all artistic and cultural initiatives in Saudi Arabia.
He noted that the initiative is expected to contribute to developing creative talents and attracting foreign expertise, making the Kingdom a major center for the film industry in the region and the world.
In March, the Cultural Fund launched the lending program within the Film Sector Financing Initiative, which it designed to provide financing packages for small and medium-sized companies, as well as film production, distribution and infrastructure projects, as part of its efforts to support investment, enhance the profitability of the sector, and empower creators.