Riyadh: Saudi Arabia has announced to invest millions of dollars to promote the growing film sector of the kingdom.
Foreign media Reports Saudi Arabia’s Cultural Development Fund has launched a $234 million film sector financing program to boost the kingdom’s emerging film industry.
It aims to empower the private sector and promote local content by offering financial packages to local and foreign firms to support the Saudi film industry.
The fund was announced at a function where the chief executive of the fund, Mohammad Bandial, said, “We are very excited to announce that we have partnered with strategic financial institutions across the country to work in the film sector. Financial solutions can be provided to the companies involved in advancing the sector, establishing financial stability for film projects and enabling a healthy market.’
It should be remembered that this fund has been divided into two parts, one for loans of 154 million dollars, and the other for investments of 80 million dollars.
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