Saudi Arabia: CDF announces film sector financing program worth $234m
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Roshan Amiri
- . March 17, 2023
- . Update: March 17, 2023 3:55 pm
The Cultural Development Fund (CDF) in the Kingdom of Saudi Arabia has announced a film sector financing program with a budget of SR879 million ($234 million) on the sidelines of the “Ignite the Scene event” in Riyadh, the capital of Saudi Arabia.
The film sector financing program comes under the Ignite Digital Content Program. The initiative would contribute to the Saudi film sector and promote digital content.
The Saudi Ministry of Communications and Information Technology has organised the “Ignite the Scene” event at the King Abdullah Financial District. It will run until Saturday.
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Mohammed bin Dayel, the CEO (Chief Executive Officer) of CDF, said that the CDF launched a partnership with strategic financial institutions across the Kingdom in order to provide financial solutions to companies working in the film sector. Bin Dayel further said that the program will improve the film sector, establish financial sustainability for film projects, and activate two funding vehicles “lending and investment” in the market. The program is open to all the companies working in the Saudi film sector.
CDF partnered with Lendo, a fintech company, and Sukuk Capital, an investment company in the Kingdom, in order to provide financing packages to companies working in the Saudi film sector. The two funding vehicles will be launched soon.
Ignite the Scene celebrates films and film creators locally and globally. It attracts people in the film and media industry.
Abdullah Al-Eyaf, CEO of the Saudi Film Commission, attended the Ignite the Scene event. Abdullah Al-Eyaf lauded the efforts of the Saudi film industry in his opening speech. He reportedly said, “This progress in the film industry enables us today to point our country towards a bright tomorrow.”
The Saudi Film Commission is affiliated with the Ministry of Culture. It supports the long-term growth of the Saudi film industry.
Ahmed Baageel, CEO of Riyadh video production service Makzn7, also lauded the growth of the Saudi film industry.
