CDF’s film sector financing program budget of $234m announced at Riyadh event

CDF’s film sector financing program budget of $234m announced at Riyadh event

RIYADH: The Cultural Development Fund has announced the launch of a film sector financing program with a budget of SR879 million ($234 million) on the sidelines of the Ignite the Scene event in Riyadh.

It is an initiative of the Ignite Digital Content Program, and will contribute to the Saudi film sector and promotion of digital content.

Ignite the Scene is organized by the Saudi Ministry of Communications and Information Technology and will run until March 18 at the King Abdullah Financial District.

Mohammed bin Dayel, the CEO of CDF, said: “We are excited to announce that we have partnered with strategic financial institutions across the country to provide companies working in the film sector with the financial solutions to shore up the sector, establish financial sustainability for projects, and enable healthy market dynamics.”

Bin Dayel added that the program will activate two funding vehicles “lending and investment.”

CDF signed agreements with financial partners Lendo and Sukuk Capital that will provide financing packages to companies working in the Saudi film sector. The investment vehicle will be launched later this year.

Ignite the Scene attracts people in the film and media industry from all over the Kingdom to learn more about the future endeavors of the movie