Jeddah, December 10, 2023, The Saudi Cultural Development Fund (CDF) played a pivotal role as an official sponsor of the third edition of the Red Sea International Film Festival (RSIFF), held from November 30 to December 9. The CDF's participation aligns with its strategic goal to establish partnerships with the non-profit sector, contributing to the sustainable development of the Saudi film industry.
During the festival, the CDF's pavilion served as a welcoming space for filmmakers and artists, fostering a dynamic cultural exchange. The positive reception of the fund's initiatives highlighted its impactful role in enabling and contributing to the development of the film sector in Saudi Arabia.
As part of its engagement, the CDF hosted a "FilmFunding Lunch" at the Wasl Art Space on December 3, providing a platform for direct communication between industry professionals. The event was designed to facilitate discussions, address challenges, and promote the Film Sector Financing Program, reflecting the fund's commitment to supporting the sector's growth.
Abdullah Alkhaldi, Chief Investment and Credit Officer at the Saudi Cultural Development Fund, participated in a panel discussion titled "Unlocking Co-Production Opportunities with the Arab World." Alkhaldi shed light on the government's role in facilitating investments in the film sector and discussed the fund's comprehensive financial support for the sector's value chain, emphasizing the focus on de-risking investments to facilitate market entry.
The CDF concluded its participation at the festival with the celebration of the world premiere of "Ahlam Alasr" by the Godus brothers, Sohayb Godus and Faris Godus. The film, funded by the CDF through its Cultural Projects Incentive Program, received wide acclaim from both audiences and critics, further highlighting the fund's significant impact on fostering creativity and cultural expression.
Established in partnership with the Quality of Life Program two years ago, the CDF has allocated a budget of SAR181 million to provide non-recoupable financing for projects in the cultural sectors, including filmmaking. This initiative aims to meet the needs of the cultural sector and contribute to its robust development.
