February 29, 2024
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Saudi Arabia Announces Officially a $233 Million Film Industry Funding Initiative Targeting Local and International Businesses

The Saudi Cultural Development Fund has officially launched its Film Sector Financing Program, which provides funds to local and foreign film companies that want to join the growing film industry in Saudi Arabia. The $233 million (879 million Saudi Riyal) project, which is part of the country’s $1.1 billion IGNITE Digital Content Program, was first announced in early 2022. Then it was revealed again in December at the Red Sea International Film Festival in Jeddah.

The “Ignite|The Scene” event in Riyadh last week, sponsored by the Saudi Ministry of Communications and Information Technology, served as the backdrop for the program’s official premiere. According to a press release from the Saudi Cultural Development Fund, the program is intended to promote the growth of a long-term, self-sufficient film industry in the nation by giving private investors funding options that give priority to domestic production.

Once the Kingdom’s 35-cinema ban was lifted at the end of 2017, the government of Saudi Arabia launched a number of initiatives to help the country diversify its economy away from oil. The CDF said that the financial packages offered through the initiative are made for small and medium-sized businesses. CDF added that their efforts are all in response to interest from local and foreign investors and film fans in that part of the growing film and TV industries.

The CEO of the CDF, Mohammad Bindayel, was happy to hear that CDF had teamed up with strategic financial organizations across the country to help companies in the film industry get the funds they need to grow. This partnership also involves ensuring that film projects will be able to make money in the long run and making the market more flexible. He also said that they are inviting all financial and investment institutions to join them in their goal to establish and empower this new industry.

How Does The Saudi Film Sector Financing Program Work?

The program has two main funding streams: an investment stream for production and infrastructure projects and a lending stream for businesses to borrow funds while keeping ownership of their projects. During the Riyadh event, the CDF launched the lending stream by signing two contracts with local financial partners, the fintech company Lendo and the investment firm Sukuk Capital, under which they would offer financing packages to businesses in the Saudi film industry. CDF will launch the investment stream later this year. Businesses in the film industry, both domestically and abroad, can apply for a loan through the Film Sector Financing Program on the CDF website.

Takeaways

The Saudi Cultural Development Fund’s Film Sector Financing Program represents a significant advance for the Saudi film industry. It is an important project that shows the Kingdom’s dedication to fostering cultural development and diversifying its economy.

Last Updated on 2 months by newseditor

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