Saudi Arabia’s film sector is expanding fast — and being in Cannes is part of the strategy to highlight this rapid-fire growth. That was the message from key figures at the country’s Cultural Development Fund (CDF), Ministry of Investment and Riviera Content Fund, who shared insights on investment opportunities in the Kingdom during Wednesday’s investor lunch in Cannes.
Speakers told a packed audience of international production companies, studio representatives, investors and industry figures that Saudi Arabia is now a competitive destination for production and investment: one that is attracting a flow of state capital as well as strong private investment.
“In recent years, Saudi Arabia’s film sector has rapidly evolved into a more structured and investible ecosystem, marking a key shift from execution to performance,” commented Majed Abdulmohsen Al-Hugail, CEO of CDF. “This progress has been driven by strong collaboration across the Ministry of Culture, the Saudi Film Commission, the Ministry of Investment, the Quality of Life programme and the [CDF].”
One clear sign of the progress being made is the work of the $100m Riviera Content Fund, managed by MEFIC Capital. Announced in Cannes in 2023 and officially launched last year, the fund has made investments in three international feature films, with a fourth underway.
“These investments are being delivered alongside experienced international partners, ensuring strong commercial positioning and knowledge transfer,” stated Al-Hugail.
Underlining its commitment, CDF announced a second $100m film investment fund last September in partnership with BSF Capital.
This is a vibrant country, with 63% of the Kingdom’s population aged under 30. Saudi Arabia is also in a strategic location that connects Europe, Asia and Africa. As Rasha Al-Masoud, general manager of investment for culture & entertainment at the Ministry of Investment, revealed, cinemagoing is on an upward curve. Last year’s box office was around $245m, the highest in the MENA region, reflecting Saudi audiences’ “rapidly growing demand” for local stories.
“[Saudi Arabia] is not only one of the world’s leading economies, it is also one of the world’s most exciting, creative markets,” she emphasised. Al-Masoud also highlighted the fact this is “a land of deep mystery and extraordinary diversity”, and with a storytelling culture that stretches back thousands of years. Its geography — including deserts, mountain ranges, the Red Sea coastline and bustling cities — is also “deeply cinematic”.
“What makes Saudi unique is that the ecosystem is being built collaboratively and at scale,” she added. “The Ministry of Culture, the Film Commission, the CDF and the Red Sea Film Festival are all working together to create a fully integrated platform for investors, filmmakers, studios and creatives.”
Every aspect of production has been considered, from fiscal incentives and funding to talent development and infrastructure. “Saudi Arabia is building not just a film market but a complete film economy,” concluded Al-Masoud.
Riviera Content Fund offered encouragement to international investors looking to work with Saudi Arabia, and hailed the Riviera Fund as one of the first in the Middle East to be run along “private/public” lines. “We’re here for the long haul,” it stated. “We’ll have failures and success like all private equity does — but we will be very careful to limit our failures to the minimum.”
Riviera Content Fund detailed the three main criteria it looks for in project applications: “Films that travel; a clear path to financial returns; and people who are excited to build with us and be part of the continuing growth of the film industry. We are a long-term fund and so are looking for people we can grow alongside.”
