Saudi Arabia launches SR375 million film fund to boost local cinema industry
MEFIC Capital is leading the initiative, investing 40% of the fund’s budget
Dubai: Saudi Arabia has launched a Saudi Film Fund, equipped with a capital of SR375 million to support the film production market, which has seen an annual growth rate of over 25 per cent and stands as the largest consumer market for creative and cinematic content in the Arab world.
This growth is largely fuelled by the Ministry of Culture and the Quality of Life Program, under the umbrella of the Kingdom’s Vision 2030, aiming to cater to the increasing demand for cinema that resonates with local culture and language.
MEFIC Capital, in collaboration with Roaa Media Ventures as the artistic partner, is leading the initiative, investing 40 per cent of the fund’s budget.
The strategic move aims spur investments in quality content production and distribution infrastructure. The Saudi Film Fund is poised to champion world-class local productions, standing as the Cultural Fund’s inaugural investment venture.
The fund’s management by MEFIC Capital, a firm licensed by the Capital Market Authority and boasting over 17 years of experience in capital markets and private equity investments, ensures a professional and seasoned approach to steering the fund towards success.
This initiative will solidify the Kingdom’s commitment to enhancing its cultural landscape, following an agreement in principle signed at the Cannes International Film Festival. It aligns with the Cultural Fund’s film sector financing programme, launched in 2023 as part of the Digital Content Program — Ignite, aimed at bolstering digital content within the Kingdom.