The initiative seeks to bolster international partnerships with major studios and deliver content that mirrors Saudi culture and values.
MEFIC Capital has made a significant announcement, unveiling the establishment of the Saudi Film Fund with a total capital of SR375m ($99.99m), featuring a substantial 40% investment from the Cultural Development Fund.
This initiative underscores the burgeoning investment opportunities within the Kingdom’s dynamic film and media sector. Designed to stimulate investment in the industry, the fund aims to provide crucial financing for cutting-edge content production and distribution infrastructure projects.
The Saudi Film Fund marks a historic collaborative effort between the Cultural Development Fund and MEFIC Capital, with the latter entrusted to oversee the fund’s management. Acting as the technical partner, Roaa Media Ventures will play a pivotal role in fostering partnerships with leading international studios and spearheading the production of content that celebrates Saudi culture and values.
This strategic fund represents the fruition of an agreement forged during last year’s Cannes International Film Festival between the Cultural Development Fund, MEFIC Capital, and Roaa Media Ventures. It signifies a substantial commitment to the film industry and is a cornerstone of the financing programme initiated by the Cultural Development Fund in 2023 under the IGNITE Digital Content Programme, aimed at elevating the Kingdom’s digital content output.
The Saudi film production market has experienced remarkable growth, boasting an annual growth rate exceeding 25%, positioning it as the largest market for creative and cinematic content in the Arab world. This growth trajectory is bolstered by initiatives spearheaded by the Ministry of Culture and the Quality of Life Programme, aligning seamlessly with the overarching objectives of Vision 2030.
