Saudi Cultural Development Fund launches film investment program with SR 300mln budget

Saudi Cultural Development Fund launches film investment program with SR 300mln budget

RIYADH, Saudi Arabia /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