Saudi Arabia’s Cultural Development Fund has launched a $234 million ‘Film Sector Financing Program’ for the emerging film industry in the country.
The funding program aims to empower the private sector and improve the Saudi film industry by offering local and foreign firms attractive financial packages to promote local content.
These packages will focus on small and medium enterprises in the respective sectors.
In this regard, the Chief Executive of the Funding Program, Mohammad Bandial, says, “We are very excited to announce this to enable companies working in the film industry to develop the film industry, financial stability for film projects and healthy market dynamics.” Financial solutions can be provided to do this.
He said that we invite all financial and investment institutions to join this mission to build and empower this emerging industry.
The financing packages will be divided into two types of funding, loan and investment.
The announcement was made at the ‘Ignite the Scene’ event held in Riyadh between March 16 and 18, organized by the Ministry of Communications and Information Technology.
Mohammad Bandial initiated the loan disbursement by signing two agreements with CDF’s financial partners ‘Lando’ and ‘Sukuk Capital’ to provide financing packages to companies operating in the Saudi film industry. .
CDF was founded in 2021 with the aim of enhancing the cultural scene of Saudi Arabia, which is organizationally linked to the National Development Fund.
It was established as part of the ‘Quality of Life Programme’ to promote the development and empowerment of an autonomous cultural sector.
The fund supports various cultural activities in the country, facilitates investment and seeks to improve the profitability of the country’s cultural sector in line with Saudi Vision 2030.
CDF signed a partnership agreement with the Abdulaziz Center for World Culture for the enrichment of Arabic content to support the development of cultural projects, the dissemination of knowledge and the encouragement of national talent locally and globally. could
This investment will be started at the end of this year.
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