Saudi Cultural Development Fund Launches Film Investment Program with SR 300 million Budget and Announces its Partnership to Establish the First Film Investment Fund with SR 375 million Budget
RIYADH, Saudi Arabia, May 18, 2023 /PRNewswire/ -- The Saudi Cultural Development Fund (CDF) has launched the Film Investment Program with a budget of SR 300 million under the Film Sector Financing Initiative, which has a total budget of SR 879 million as part of the Digital Content Program IGNITE. The investment program was announced during the Cannes Film Festival, which is currently taking place in France from May 16 to 27. CDF has also called on both local and international investors to collaborate on supporting CDF's efforts to invest in the film sector.
Mr. Mohammed Bin Dayel, CEO of CDF, announced an agreement in principle with MEFIC Capital and ROAA Media Ventures on establishing the first investment fund for the film sector, amounting to SR 375 million, 40% of which is contributed by CDF. This Film Investment Fund aims to invest in or provide funding to the companies and projects in the Saudi film sector; provide network support through mentors, business leaders, and distribution networks; and ensure proper risk management for investment portfolios.
Bin Dayel stressed the importance of the Film Investment Program to create film production and distribution investment opportunities and open the door to creatives to launch projects that enhance cultural activities and empower the sector. He confirmed that the program contributes effectively to the development of the Kingdom's creative ecosystem and reaffirms CDF's position as a major investor in the Saudi film sector.
The launch of the Film Investment Program reinforces CDF's efforts to increase private sector investment in the cultural sector and develop its resources, with the aim of achieving economic diversification soon.
Through the investment program, CDF aspires to foster a more effective, self-sustainable film sector and subsequently a more vibrant film industry environment by 2030, where the private sector takes the leading role in investing in the sector.
The total budget allocated to the Film Sector Financing Initiative is the highest among all art and cultural initiatives in KSA. Therefore, the program is expected to develop creative talents and attract foreign expertise and investment, making the KSA a major film hub in the region.
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SOURCE Cultural Development Fund
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