The four-day event presented 23 projects in development, including 12 Red Sea Lodge projects, 11 Red Sea Souk projects, and five films in post-production.
The film will have its world premiere at the closing ceremony of the Red Sea International Film Festival.
Under the partnership, SRMG platforms will feature editorial and advertising content of the film festival.
The initiative aims to foster homegrown talent and showcase untold stories on the big screen.
He was appointed in June this year as artistic director for the festival, taking over from Saudi filmmaker Mahmoud Sabbagh.
MBC Group's Shahid will award a $100,000 cash prize to a Saudi project in development or production during the Talent Day programme.
The film festival starts today, December 6, and will screen films from 67 countries in 34 languages.
Among the projects receiving funding, 11 are from Africa, 60 are from the Arab world, and 26 are from Saudi Arabia.
Director Kabir Khan will be joined on the red carpet by Bollywood actress Deepika Padukone and cricket legend Kapil Dev.
Among its members spanning four continents, the Red Sea: Features Competition jury will be chaired by Italian filmmaker Giuseppe Tornatore.
Tickets will be available for all film sections and special events.
The most significant VR works produced in 2021 will be presented in competition for the Golden Yusr Immersive Award, which includes a $10,000 prize.
In addition to the Arab premiere screenings, the festival will offer a wide range of activities and events geared towards younger attendees.
The inaugural edition of the Red Sea International Film Festival will run in Jeddah, from December 6-15, 2021.
The festival will open with 'Cyrano' by British director Joe Wright and conclude with 'Bara El Manhag' by Egyptian director Amr Salama.
The screenings will be followed by a Q&A with the filmmakers or cast involved.
The films hail from Iraq, Algeria, Palestine, Tunisia, Egypt, Lebanon and Morocco.
Ticket bundles are now available for purchase.
