Saudi Arabia to Launch Investment Funds in Music, Film Industries

Mohammed Bin Dayel and Nada  Al-Tuwaijri during the signing of
the MoU at the Saudi Cultural Development Fund's headquarters, in Riyadh. (SPA)
Mohammed Bin Dayel and Nada Al-Tuwaijri during the signing of the MoU at the Saudi Cultural Development Fund's headquarters, in Riyadh. (SPA)
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Saudi Arabia to Launch Investment Funds in Music, Film Industries

Mohammed Bin Dayel and Nada  Al-Tuwaijri during the signing of
the MoU at the Saudi Cultural Development Fund's headquarters, in Riyadh. (SPA)
Mohammed Bin Dayel and Nada Al-Tuwaijri during the signing of the MoU at the Saudi Cultural Development Fund's headquarters, in Riyadh. (SPA)

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.



Over 130 Homes Lost in California Wildfire

CAMARILLO, CALIFORNIA - NOVEMBER 08: A view of a home which was destroyed in the Mountain Fire on November 8, 2024 in Camarillo, California. Mario Tama/Getty Images/AFP
CAMARILLO, CALIFORNIA - NOVEMBER 08: A view of a home which was destroyed in the Mountain Fire on November 8, 2024 in Camarillo, California. Mario Tama/Getty Images/AFP
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Over 130 Homes Lost in California Wildfire

CAMARILLO, CALIFORNIA - NOVEMBER 08: A view of a home which was destroyed in the Mountain Fire on November 8, 2024 in Camarillo, California. Mario Tama/Getty Images/AFP
CAMARILLO, CALIFORNIA - NOVEMBER 08: A view of a home which was destroyed in the Mountain Fire on November 8, 2024 in Camarillo, California. Mario Tama/Getty Images/AFP

Firefighters grappling with a blaze that has destroyed at least 130 homes in California said Friday they had made progress in their fight as a turn in the weather offered a break.

Hurricane-strength winds this week fueled an explosion in the Mountain Fire near Camarillo, outside Los Angeles, which grew rapidly to over 20,000 acres (8,000 hectares), AFP reported.

Thousands of people in the path of the inferno were forced to flee, some with only minutes to gather possessions and pets as unpredictable flames leapt from home to home.

Robin Wallace told AFP the home she grew up in was destroyed minutes after everyone fled.

"We were expecting we'd be able to go back and get some things. But of course, that didn't work out.

"It was completely gone by the afternoon. It went very quickly."

Linda Fefferman said she knew she had to go when she smelled smoke.

"I'm trying to load the car with animals and important papers, my oxygen concentrator, and when it got too smoky for me, I knew I had to get out," she told a local broadcaster.

A neighbor with a chainsaw helped remove a fallen tree that was blocking her path.

"I went down to the Goodwill parking lot, watched the smoke, you know, probably our own house burning.

"Nothing is left. It's gone," she said. "It's all gone."

Fefferman said she thought 14 or 15 houses on her street had been destroyed by the flames.

Authorities said Thursday that initial inspections revealed at least 132 homes had been lost, with 88 more damaged.

The area is home to around 30,000 people, with approximately 10,000 having been told to evacuate.

The blaze erupted Wednesday morning and spread rapidly, fanned by fierce seasonal Santa Ana winds from California's desert interior.