Saudi Press

Saudi Arabia and the world
Monday, Oct 14, 2024

CDF launches film investment program with SR300 million budget

CDF launches film investment program with SR300 million budget

The Saudi Cultural Development Fund (CDF) has launched the Film Investment Program with a budget of SR300 million under the Film Sector Financing Initiative, which has a total budget of SR879 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.

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 SR375 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 and empower the sector.

He confirmed that the program contributes effectively to the development of the Kingdom’s creative ecosystem and reaffirms CDF’s position as a major investor in the Saudi film sector.

The launch of the Film Investment Program reinforces CDF’s efforts to increase private sector investment in the cultural sector and develop its resources, with the aim of achieving economic diversification in the near future.

Through the investment program, CDF aspires to foster a more effective, self- sustainable film sector and subsequently a more vibrant film industry environment by 2030, where the private sector takes the leading role in investing in the sector.

The total budget allocated to the Film Sector Financing Initiative is the highest among all art and cultural initiatives in Saudi Arabia. Therefore, the program is expected to develop creative talents and attract foreign expertise and investment, making the KSA a major film hub in the region.

Thirty percent of the initiative’s budget has been allocated to establish companies and facilities that support the film sector.

The remaining 70% of the budget will be directed toward developing content, production, and distribution. Through this funding, CDF once again reaffirms its leading role as an active enabler in the cultural ecosystem.

Last March, CDF launched the Film Lending Program under the Film Sector Financing Initiative to provide financing packages for SMEs to implement film production, distribution projects, and infrastructure development.

These efforts aim to support investment, enhance profitability, and enrich the quality of life in the Kingdom.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Erdogan Criticizes UN's Inaction; Global Tensions Rise Over Human Rights and Resource Disputes
Global Tensions Surge: US-UK Airstrikes in Yemen, Diplomatic Shifts in Iran, and Israeli-Lebanese Struggles
Saudi Arabia's Ambitious Moves: Hydrogen Trains, Riyadh Metro, and Smart City Collaborations
Global Tensions and Tragedies: UN Experts Criticize Tunisia's Migrant Policies, Israeli Airstrikes Hit Lebanon, UK Court Hears Family Murder Trial, and New Saudi-Philippines Energy Pact
Saudi Arabia Embraces Sustainable Progress with Energy Pact and Cultural Milestones: From Renewable Innovations to Fashion and Sporting Triumphs
Netanyahu Urges UN to Relocate Lebanon Peacekeepers Amid Escalating Tensions
Tech Boosts Singapore’s Economy to 4.1% Growth in Q3
EU Sanctions Iranian Entities, UNHCR Warns of Global Displacement, and Saudi Arabia Advances Green and Industrial Ventures
Riyadh Season 2024: A Blend of Cultural Marvels and Cybersecurity Initiatives Amidst Middle Eastern Turmoil and Archaeological Revelations
From Desert Adventures to Diplomatic Tensions: Exploring Philby's Legacy and Global Affairs
Qatar's Tourism Boom and Saudi Arabia's Strategic Advances: Highlights from Economic Growth to Humanitarian Efforts
Global Developments: Philippines-Saudi Green Alliance, Pakistan's Security Ops, France's Immigration Shift, Ukraine-Russia Tensions, EU on Israeli Actions, and Dussmann's Strategic Move
Rising Tensions and Humanitarian Crises: Israeli Airstrikes in Gaza and Regional Conflicts Escalate
Global Tensions and Local Challenges: Missile Strikes Shift Defense Focus, Political Security Concerns Rise, and Societal Transformations Unfold
World Bank Warns of Rising Debt; Saudi Arabia Unearths Cave Wonders; Middle East Tensions and U.S. Military Moves; China Conducts Drills Near Taiwan
Sweden Urges EU to Designate Iran's Guards as Terrorists Amid Alleged Recruitment of Swedish Gang Members
Regional Diplomacy Intensifies Amid Rising Tensions Between Hezbollah and Israel
Saudi Arabia's Vision 2030: Pioneering Food Security, Digital Transformation, and Global Partnerships Amidst Regional Tensions
Amid Conflict in Lebanon, Saudi Arabia Charts Path to Global Logistics Leadership and Cultural Enrichment
Madinah Dates Festival Celebrates Heritage Amid Rising Middle East Tensions: A Complex Global Landscape
Saudi Arabia Unveils Ambitious Logistics and Technological Plans Amidst Vision 2030 Reforms
Tensions Escalate in Middle East Following Israeli Airstrike; Saudi Arabia Drives Environmental and Economic Initiatives
Saudi Arabia's Environmental Achievements Shine on IUCN Green List Amid Regional Conflicts and Cultural Celebrations
Global Developments: Saudi Arabia Condemns Land Seizure, Australia Criticizes Calls Against Ceasefire, and Cultural Initiatives in Full Swing
Iran Condemns New U.S. Sanctions Amid Rising Tensions in Middle East and Asia
Regional Tensions Flare as Israel Targets Iranian Sites Amid Saudi Condemnation and Humanitarian Efforts
Tesla's Robotaxi Design Strikes Controversy
Global Condemnation, Political Shifts, and Cultural Changes: Key Developments Around the World
Russia and Iran Bolster Economic Ties with Strategic Partnership Talks
Israel Issues Warning to Southern Lebanon Amid Ongoing Conflict
Poll Shows Trump Favored Over Harris in Handling Wars
Iran Enforces Electronics Ban on Flights After Lebanon Attacks
Gunfire Targets Jewish School in Toronto as Anti-Semitic Incidents Surge Across Canada
Global Tensions and Diplomatic Efforts: Key Developments from Turkey-Greece Talks to Electoral Concerns in Mozambique
Saudi Arabia Hosts Regional Environmental Summit Amid Rising Middle East Tensions
Saudi Arabia's Bold Reforms: Tax Exemptions, Water Security Initiatives, and Global Health Leadership Amid Middle East Tensions
100 Days of Keir Starmer: Navigating Economy, Controversies, and Global Challenges
Global Tensions Rise: Ukrainian Conscription Raids, Sectarian Clashes in Pakistan, and Natural Disasters in Florida and Nepal
Iranian Speaker Condemns Israeli Airstrike Amidst Regional Tensions; Saudi Arabia and Morocco Navigate Diplomatic Challenges
From Falconry to Foreign Relations: Exploring Heritage and Headlines Across the Middle East
Escalating Conflicts in Gaza and Lebanon Highlight Global Tensions Amid Nobel Peace Prize Reminders
Global Shifts: Navalny's Legacy, China's Taiwan Pressure, Saudi Arabia's Fintech Boom, and Middle East Tensions
Nicaragua Cuts Ties with Israel Amid Rising Global Tensions and Domestic Political Shifts
Putin and Pezeshkian Forge Economic Ties as Geopolitical Tensions Rise Across Middle East
Saudi Arabia Pursues Sustainable Future Amid Middle East Tensions and Iraq's Cultural Revival
Global Leaders Address Middle East Tensions Amid Regional Security Initiatives and Cultural Innovations
Bridging Cultures and Innovations: From Arabic Sign Language Tech to Saudi Heritage and Global Exhibitions
Cybersecurity Breach at Intesa Sanpaolo and Global Scandals: A Rundown of Key Developments
Noor Riyadh Celebrates Light Art Festival Amidst Middle East Tensions and Global Diplomatic Moves
Saudi Arabia Strengthens Global Economic Ties: Key Agreements and Strategic Investments Highlighted at Forums
×