The Saudi Cultural Development Fund has announced a collaboration with Merwas for Audiovisual Production, to enrich and develop the cultural content, establish investment funds in the music and film industries, and empower the growth and sustainability of the Saudi culture sector.
The Cultural Fund has signed a memorandum of understanding (MoU) at its headquarters, in Riyadh, with Merwas, to collaborate on supporting the creative and cultural content, and providing diverse services to the small and medium companies working in the sector.
Sustainable investment funds
The partnership between the fund and Merwas is a model of developing the productive and creative work ecosystem in Saudi Arabia; the Cultural Development Fund is responsible for supporting and nurturing the cultural sector, motivating investment in it, and building partnerships that promote cooperation among the parties concerned in production, while Merwas represents a major hub to incubate the creators of audiovisual content.
The company, based in the Boulevard Riyadh City, owns 22 international studios for audiovisual productions, art academies, production networks, and two channels in English and Arabic. This partnership will support important and insightful productions, and inaugurate a new and unique phase of creative production in the kingdom, in addition to supporting and growing the art sector in its different fields.
According to the MoU, the cooperation incorporates the establishment of investment funds in the music and film industry to enrich and develop the cultural content, in addition to collaborating on providing non-financial services for the small and medium companies in the sector.
The MoU was signed by Mohammed Abdulrahman Bin Dayel, CEO of the Saudi Cultural Development Fund, and Nada bint Mohammed Al-Tuwaijri, CEO of Merwas.
The new partnership comes as a step of integration between the public and private sectors that enables the latter to contribute to the growth and sustainability of the cultural sector, and create opportunities for the talents in the field.