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Saudi Arabia Allocates SAR 300 Million for Investments in Film Industry

The film sector in Saudi Arabia is witnessing an unprecedented stage of support and development. (The Cultural Development Fund)
The film sector in Saudi Arabia is witnessing an unprecedented stage of support and development. (The Cultural Development Fund)
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Saudi Arabia Allocates SAR 300 Million for Investments in Film Industry

The film sector in Saudi Arabia is witnessing an unprecedented stage of support and development. (The Cultural Development Fund)
The film sector in Saudi Arabia is witnessing an unprecedented stage of support and development. (The Cultural Development Fund)

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.

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China’s Glacier Area Shrinks by 26% Over Six Decades 

Meltwater from the Laohugou No. 12 glacier, flows though the Qilian mountains, Subei Mongol Autonomous County in Gansu province, China, September 27, 2020. (Reuters)
Meltwater from the Laohugou No. 12 glacier, flows though the Qilian mountains, Subei Mongol Autonomous County in Gansu province, China, September 27, 2020. (Reuters)
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China’s Glacier Area Shrinks by 26% Over Six Decades 

Meltwater from the Laohugou No. 12 glacier, flows though the Qilian mountains, Subei Mongol Autonomous County in Gansu province, China, September 27, 2020. (Reuters)
Meltwater from the Laohugou No. 12 glacier, flows though the Qilian mountains, Subei Mongol Autonomous County in Gansu province, China, September 27, 2020. (Reuters)

China's glacier area has shrunk by 26% since 1960 due to rapid global warming, with 7,000 small glaciers disappearing completely and glacial retreat intensifying in recent years, official data released in March showed.

Glaciers around the globe are disappearing faster than ever, with the largest glacial mass loss on record taking place in the last three years, according to a UNESCO report.

As the important water towers continue to shrink, less availability of freshwater is expected to contribute to greater competition for water resources, environmental groups have warned. Glacier retreat also poses new disaster risks.

China's glaciers are located mainly in the west and north of the country, in the regions of Tibet and Xinjiang, and the provinces of Sichuan, Yunnan, Gansu and Qinghai.

Data published on March 21 on the website of the Northwest Institute of Eco-Environment and Resources of the Chinese Academy of Sciences, showed that China's total glacier area was around 46,000 square kilometers, with around 69,000 glaciers in 2020.

This compares to around 59,000 square kilometers and around 46,000 glaciers in China between 1960 and 1980, the study showed.

To save its melting glaciers, China has used technology including snow blankets and artificial snow systems, to delay the melting process.

The Tibetan plateau is known as the world's Third Pole for the amount of ice long locked in the high-altitude wilderness.

The dramatic ice loss, from the Arctic to the Alps, from South America to the Tibetan Plateau, is expected to accelerate as climate change, caused by the burning of fossil fuels, pushes global temperatures higher.

This would likely exacerbate economic, environmental and social problems across the world as sea levels rise and these key water sources dwindle, the UNESCO report said.