Saudi Cultural Fund to support Saudi cinema with $ 234.4 million
The Saudi Cultural Fund launched a promising program worth $ 234.4 million to finance the film sector in the Kingdom, support the film industry, and provide financing solutions that facilitate the work of local and foreign film companies.
It will also support creative entrepreneurs, stimulate the growth of the film sector in a sustainable manner, and transform the Kingdom into a major center for the film industry.
Lending & Investing
Mohamed Abdel -Rahman bin Dale, CEO of the Cultural Fund, said that the program is based on activating two financing tracks, namely “lending” and “investment”.
The lending path was launched during the event, and a number of agreements were signed with a partner financial institution of the Cultural Fund to provide financing packages that support the establishment and expansion of projects in the Saudi film sector.
The investment path will also be launched later this year.
Enhancing film sector
Bin Dale added that the goal is to “enhance the comprehensive development of the film sector in the Kingdom.”
In turn, Najlaa Al -Numayr, CEO of the Cultural Fund for Strategy and Business Development, confirmed that the program came after a study of the incentive scene provided by various sides in the sector, noting the role of the financing program completing this system of incentives, in order to maximize the impact of financing solutions to support workers in the sector.
For his part, Abdul Latif bin Youssef, Director of the Partnerships and International Relations Department in the Cultural Fund, said that the program targets local and international companies operating in the Saudi film sector, through financing packages to support local content and enhance film production in the Kingdom.
The Fund is also planning to launch the investment path later this year, with the aim of enhancing investment in the film sector and increasing the contribution of the private and non-profit sectors to the development of the sector.
The Cultural Fund pumps 234 million dollars to support the Saudi film industry
