Saudi Arabia Launches $200 Million Fund to Support Film Industry
Saudi Arabia launched a $200 million film fund in cooperation with two international companies to support the film sector, encourage the Kingdom’s trends to develop this industry, upgrade production, and build a bright future for film making and the arts.
On the sidelines of the Saudi Film Forum
The Saudi Ministry of Investment announced the of an investment agreement with CineWaves and ORI for co-production and distribution, as well as an agreement between the Ministry and Tsangs Group and One Cool Group to establish a $200 million film fund.
The forum was attended by a group of leading international filmmakers, producers, directors and investors.
They shared their experiences and goals.
Saudi Arabia will be “Hollywood” of Arab world
Deputy Minister of Investment Transactions, Saleh Al-Khabti said :
“The support provided to the film sector in Saudi Arabia reinforces Saudi Arabia’s orientation to be the “Hollywood” of the Arab world and achieve the goals of upgrading the film sector”.
He hoped that local companies would grow to the level of ambition, and that other start-ups would follow them on the way to reaching the desired goals.
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