$100m Saudi film fund to advance local cinema


MEFIC Capital has revealed the Saudi Film Fund, with a total capital of SR375 million ($100 million), including a significant 40 per cent investment from the Cultural Development Fund.

The fund highlights Saudi Arabia’s burgeoning investment opportunities within the film and media sector.

It aims to strengthen investment in the industry for content production and distribution infrastructure projects.

The Saudi Film Fund represents the first collaborative investment by the Cultural Development Fund with MEFIC Capital, who will oversee the fund’s management.

Roaa Media Ventures will act as the technical partner, aiming to foster partnerships with leading international studios and produce content that showcases Saudi culture and values.

This initiative stems from an agreement made at the Cannes International Film Festival last year between the Cultural Development Fund, MEFIC Capital, and Roaa Media Ventures.

The Saudi film production market has seen remarkable growth, with an annual growth rate of over 25 per cent, making it the largest market for creative and cinematic content in the region.

This growth is supported by initiatives from the Ministry of Culture and the Quality of Life Programme, aligning with the objectives of Vision 2030.