CDF's Film Sector Financing Programme aims to empower local and international companies in the Saudi film sector.
Cultural Development Fund (CDF) of Saudi Arabia has officially launched the Film Sector Financing Programme, which is an initiative of the Ignite Digital Content Programme, with a portfolio of SAR 879m ($234m).
The announcement took place at the Ignite the Scene event, organised in Riyadh by the Saudi Ministry of Communications and Information Technology.
The initiative was first unveiled in early 2022 as part of the country’s $1.1bn Ignite Digital Content Programme, then teased again during the Red Sea International Film Festival in Jeddah in December.
The programme is open to local and international companies working in the Saudi film sector. As part of the plan, the private sector will be empowered with financing packages to support local content and promote filmmaking in Saudi Arabia.
The CDF added that the financial packages offered under the program are geared toward small and medium enterprises in response to interest in that segment of the emerging film and TV sectors from local and international investors and film enthusiasts.
Speaking about the programme, Mohammed Bindayel, Chief Executive Officer at CDF, 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.”
Bindayel added that the programme will activate two funding vehicles “lending” and “investment”. During the event, CDF launched the “lending” vehicle by signing two agreements with its financial partners “Lendo” and “Sukuk Capital” to provide financing packages to companies working in the Saudi film sector. The “investment” vehicle will be launched later this year.
Companies working in the film sector can get funds for their projects by applying through the CDF website.
