Jeddah, December 11, 2024 — The Cultural Development Fund (CDF), a leading financial entity supporting the cultural sector in Saudi Arabia, has once again shown its dedication to the growth of the nation's cultural and creative industries by announcing its sponsorship of the Red Sea Souk during the fourth edition of the Red Sea International Film Festival (RSIFF). Taking place from December 5 to 14 in Jeddah, the festival has become a prominent event for global filmmakers and audiences, and the CDF’s involvement marks another milestone in its ongoing commitment to the Kingdom’s cultural development.
The CDF’s sponsorship of the Red Sea Souk underscores its long-standing support for the Saudi film sector, which aligns with the Kingdom's ambitious National Culture Strategy. As part of this strategy, the CDF focuses on activating 16 cultural sub-sectors, including film, through investments and initiatives that enrich local industries, foster creative talent, and promote cultural heritage. For three consecutive years, the Fund has been a dedicated partner to the Saudi film industry, contributing to its growth with an emphasis on Environmental, Social, and Governance (ESG) principles and offering Cultural Financing solutions for businesses across the creative spectrum.
The Red Sea Souk, a central hub within the festival, serves as an invaluable platform for filmmakers, producers, and industry professionals to network, collaborate, and explore new opportunities. As part of its role in this year’s event, the CDF will host a pavilion that will serve as a meeting point for local and international filmmakers and industry leaders. The Fund will engage in a series of activities designed to support the growth of the Saudi film industry, including networking receptions, workshops, and knowledge exchange sessions aimed at addressing the evolving needs of the sector.
The Red Sea Souk's central role in the RSIFF offers filmmakers a unique space for creativity, exchange, and the pursuit of groundbreaking projects. The event, which takes place in the historic Al-Balad district in Jeddah—designated a UNESCO World Heritage site—continues to grow in prominence and significance, showcasing the region’s cultural heritage and advancing Saudi Arabia’s global visibility in the world of cinema. Under the theme of "The New Home of Film," the festival provides a platform for emerging talent and global industry leaders, solidifying Saudi Arabia’s position as a hub for film and creative arts.
Shivani Pandya Malhotra, Managing Director of the RSIFF, highlighted the importance of the partnership with the CDF, stating, “By collaborating with the Cultural Development Fund, we are strengthening the foundation for cultural and creative industries in the Kingdom. The Red Sea Souk is a pivotal platform for emerging and established filmmakers, and CDF’s involvement underscores the shared vision of empowering talents and shaping the future of cinema in Saudi Arabia and beyond.”
Majed bin Abdulmohsen Al-Hugail, CEO of the CDF, emphasized the strategic importance of their continued investment in the Saudi film industry, saying, “We are proud of our partnership with the Red Sea International Film Festival, as we share a vision for developing the landscape of the film industry and enhancing the global visibility of Saudi cinema. Our financial support of the film industry has exceeded SAR 240 million, benefiting numerous businesses across the film value chain. This investment has not only bolstered the prosperity of the sector but has also created jobs for local talent and had a positive economic impact. We remain committed to investing in the cultural sector, ensuring it thrives both locally and globally.”
The sponsorship reaffirms the CDF's critical role in advancing Saudi Arabia's cultural initiatives, nurturing local talent, and positioning the Kingdom as a global destination for creative industries. With the growing success of events like the RSIFF, the CDF is helping to realize Saudi Arabia’s vision of becoming a prominent force in the world’s cultural and creative sectors.