RIYADH: Saudi Arabia’s Cultural Development Fund (CDF) on Friday launched its Film Sector Financing Program with an investment of SR879m ($234m).
The initiative was launched by IGNITE Digital Content Program. The Ministry of Communications and Information Technology arranged an event in this regard in Riyadh.
The objective of the project is to promote the Saudi film industry by empowering the private sector with financing packages. The program is open to local and international firms working in the Saudi film sector.
The private sector will be given financial packages as part of the goal to boost regional content and advance Saudi Arabian film production.
These packages are especially geared toward small and medium enterprises (SMEs) in this emerging sector, which is increasingly attracting interest from local and international investors and film enthusiasts.
In a statement issued here, Cultural Development Fund Chief Executive Mohammed Bindayel said: “We are excited to announce that we have partnered with strategic financial institutions across the country to provide companies working in the film sector with the financial solutions to shore up the film sector, establish financial sustainability for film projects, and enable healthy market dynamics.
“We invite all financial and investment institutions to join this mission to build and empower this emerging sector,” he added.