The Film Investment Fund aims to invest in or provide funding to the companies and projects in the Saudi film sector.
ROAA Media Ventures, a holding company at the forefront of Saudi Arabia’s rapidly evolving media and entertainment industry, has announced an agreement in principle with Saudi Cultural Development Fund and MEFIC Capital to establish a Film Investment Fund for the Kingdom.
The partners announced the agreement during an exclusive industry breakfast hosted by the Saudi Cultural Development Fund at the 76th edition of the Cannes Film Festival.
The $100m Film Investment Fund is the first capital injection initiative to be revealed under the Saudi Cultural Development Fund’s Investment Track, part of its recently launched Film Sector Financing Programme.
The Fund will help stimulate investments in film projects, companies and media infrastructure, support the growth of talent and create new opportunities for job creation and development of the film industry in Saudi Arabia and internationally.
Speaking about the investment fund, Mohammed Bindayel, CEO of Saudi Cultural Development Fund, said: “We hope that our partnership with ROAA Media Ventures and MEFIC Capital to establish the first investment fund, marks the beginning of more public-private sector collaborations and a new chapter for the Saudi film sector, where the private sector takes the leading role in investing in its growth.”
ROAA Media Ventures will be the Technical Partner of the Fund and was selected by Saudi Cultural Development Fund.
Redha Alhaidar, Chairman, ROAA Media Ventures, added: “ROAA Media Ventures is honoured to partner with Saudi Cultural Development Fund and MEFIC Capital to establish the Film Investment Fund. Through this collaboration we will be able to foster partnerships that support the expansion and diversification of the film industry, creating valuable synergies between international expertise and the rich resources and talent present in the region.
“The establishment of this fund signals confidence in the region’s media and entertainment industry and will help attract more private sector investments, greater international collaboration and improve the availability of talent in the region and abroad.
“Our appointment as technical partner to the Fund is a testament to the experience and capabilities of the ROAA Media Ventures team and we are pleased to be recognised as a positive driving force cultivating and growing the media and entertainment landscape in the region and beyond.”
As a key partner in the Fund, ROAA Media Ventures will play a pivotal role in facilitating connections between international partners and local opportunities for filming, investment, or co-funding. It will also provide investment evaluation and management-related services to the Film Investment Fund’s manager as well as technical and business assistance to the Fund’s portfolio companies, projects and assets.
“Cannes is one of the most important and prestigious film festivals in the world and we are thrilled to be here to announce such a great initiative to the international film community. We firmly believe that the power of cinema lies not only in its economic potential but also in its ability to share local cultures and values with the rest of the world, breaking down barriers and building bridges of understanding and respect. With the right financial backing, we can help unleash the full potential of talent from the Middle East to create authentic, high-quality content that can compete on the global stage,” Alhaidar concluded.
