With SAR879 million Budget
RIYADH, Saudi Arabia, March 16, 2023 /PRNewswire/ --The Cultural Development Fund (CDF) has announced the launch of the Film Sector Financing Program, with a portfolio of SAR879 million. The program is an initiative of the IGNITE Digital Content Program.
The announcement took place at the Ignite the Scene event, organized in Riyadh by the Saudi Ministry of Communications and Information Technology.
The program is open to local and international companies working in the Saudi film sector. It aims to foster a sustainable and thriving Saudi film industry by empowering the private sector with financing packages that support local content and promote filmmaking. These packages are especially geared toward small and medium enterprises in this emerging sector, which is increasingly garnering interest from local and international investors and film enthusiasts.
"We are excited to announce that we have partnered with strategic financial institutions across the country to provide companies working in the film sector with the financial solutions to shore up the film sector, establish financial sustainability for film projects, and enable healthy market dynamics," said Mohammed Bindayel, Chief Executive Officer at CDF. "We invite all financial and investment institutions to join this mission to build and empower this emerging sector."
Bindayel added that the program will activate two funding vehicles "lending" and "investment". During the event, CDF launched the "lending" vehicle by signing two agreements with its financial partners "Lendo" and "Sukuk Capital" to provide financing packages to companies working in the Saudi film sector. The "investment" vehicle will be launched later this year.
The program was created in response to the growing interest in film sector in the Kingdom. Companies working in the film sector can get funds for their projects by applying through CDF website https://cdf.gov.sa/film.
The Cultural Development Fund was founded in 2021 with the aim of further enhancing the cultural landscape within Saudi Arabia. Organizationally linked to the National Development Fund, the Fund was established as part of the Quality of Life Program's initiatives to promote the development of a self-reliant cultural sector and empower. The Fund actively supports a variety of cultural activities, facilitates investment, and seeks to improve the domestic culture sector's profitability aligning with Saudi Vision 2030.
Source: Cultural Development Fund