Riyadh, February 19, 2024, MEFIC Capital has unveiled the Saudi Film Fund, boasting a total capital of SAR 375 million and backed by a 40% investment from the Cultural Development Fund, highlighting the burgeoning investment opportunities within the Kingdom's film and media sector.
The primary objective of the fund is to stimulate investment within the industry and provide financial backing for innovative content production and distribution projects, along with infrastructure development.
This strategic initiative aims to elevate the standard of local production by promoting high-quality filmmaking. Notably, it represents the inaugural investment by the Cultural Development Fund in collaboration with MEFIC Capital, entrusted with managing the fund.
Roaa Media Ventures has been enlisted as the technical partner, tasked with facilitating partnerships with leading international studios and creating content that showcases Saudi culture and values.
The establishment of the Saudi Film Fund builds upon the agreement forged by the Cultural Development Fund, MEFIC Capital, and Roaa Media Ventures at the Cannes International Film Festival the previous year. It stands as a significant investment in the industry, aligning with the film sector financing program initiated by the Cultural Development Fund in 2023 under the Digital Content Program (IGNITE), aimed at bolstering digital content creation within the Kingdom.
The Saudi film production market has witnessed remarkable growth, boasting an annual growth rate exceeding 25%. Positioned as the largest consumer market for creative and cinematic content in the Arab world, this growth is propelled by initiatives spearheaded by the Ministry of Culture and the Quality of Life Program, in line with the objectives of Vision 2030.
The surge in demand for local culture and language in cinematic productions reflects the evolving landscape, influenced by the escalating role of digital streaming platforms as contenders to traditional cinema halls, thereby amplifying the consumption of visual content.
