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20-03-23
Saudi Arabia Starts USD234 Million Film Sector Financing Program to Enhance Local Content
(MENAFN) Saudi Arabia's Cultural Development Fund (CDF) has recently launched a new Film Sector Financing Program, worth USD234 million, to support the burgeoning film industry in the Kingdom. The program aims to provide financial packages to local and foreign firms, empowering the private sector and boosting local content.
The CDF will offer financing packages that will be broadly focused on small and medium enterprises in the sector. The program is expected to establish financial sustainability for film projects and enable healthy market dynamics. The CDF's Chief Executive, Mohammed Bindayel, expressed excitement over the program, stating that they have partnered with strategic financial institutions across the country to provide companies working in the film sector with financial solutions to shore up the industry.
The financing packages will be divided into two types of funding: lending and investment. The lending cycle was launched when Bindayel signed two agreements with the CDF's financial partners, Lendo and Sukuk Capital, to provide financing packages to companies working in the Saudi film sector. The investment cycle will be launched later this year and will support SMEs and large companies in the sector. Bindayel also invited all financial and investment institutions to join in building and empowering the emerging sector.
The announcement of the Film Sector Financing Program was made during the "Ignite The Scene" event held in Riyadh between March 16 and 18. The event was organized by the Ministry of Communications and Information Technology and served as a platform to celebrate films and creators locally and globally, as well as connect storytellers and professionals within the industry.
The CDF was founded in 2021 with the aim of enhancing Saudi Arabia's cultural landscape. Organizationally linked to the National Development Fund, it was established as part of the Quality of Life Program's initiatives to promote and empower the development of a self-reliant cultural sector. The new program is expected to drive the development of the film sector and enable local talents to showcase their skills on a global stage.
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