Funding applications will be accepted later in 2022 by the ministry.
Cultural Development Fund (CDF) of Saudi Arabia has announced its “Film Sector Financing Programme”, which aims to boost the Saudi film sector’s infrastructure and production with a budget of SR 879m ($234.28m).
Mohammed Bin Dayel, CEO of the CDF, Tweeted: “The Film Sector Financing Programme comes to make a qualitative leap in a promising sector and to empower talented people who are passionate about making change and impact. I am excited to support our local makers and creators.”
Production and distribution companies, as well as all private sector organisations working in the film industry, will benefit from the programme’s financing packages, which will enhance their competitiveness.
The budget is divided into two parts — 70% of it will be allocated to developing, producing and distributing content, and 30% to developing the sector’s infrastructure. The ministry will open the door for funding applications later in 2022.
The programme is one of the initiatives of IGNITE, which aims to boost local digital content creation and production, and develop the cultural sector in the Kingdom in general and the film industry in particular.
The CDF is working toward enabling the National Culture Strategy by developing appropriate financing channels in cooperation with various financial authorities, and raising the quality and ease of doing business in the cultural sector in order to attract local and foreign investments.