Saudi Arabia’s Cultural Development Fund (CDF) has launched an $80m Film Investment Programme.
The Programme, which was unveiled at a breakfast event in Cannes, forms part of the CDF’s $234m Film Sector Financing Initiative which was announced in March.
Mohammed Bin Dayel, CEO of CDF, also announced an agreement in principle with MEFIC Capital and ROAA Media Ventures on establishing a $100m Film Investment Fund for the film sector, 40% of which is contributed by CDF’s Film Investment Programme.
The Film Investment Fund aims to invest in Saudi and international productions and in companies and facilities in the Saudi film sector.
In March, the CDF launched a $154m lending programme under the Film Sector Financing Initiative to provide financing packages for SMEs for film production, distribution projects, and infrastructure development.
The total budget allocated to the Film Sector Financing Initiative is the highest among all art and cultural initiatives in Saudi Arabia.
30% of the fund goes to establishing companies and facilities that support the film sector, while 70% of the fund goes to film content development, production, and distribution.
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