Saudi Gazette report

RIYADH — The Cultural Development Fund (CDF) announced on Wednesday its “Film Sector Financing Program" which aims to enhance the Saudi film sector’s infrastructure and boost its production with a budget of SR879 million.

Mohammed Bin Dayel, CEO of the CDF, said on his Twitter: “The Film Sector Financing Program comes to make a qualitative leap in a promising sector and to empower talented people who are passionate about making change and impact. I am excited to support our local makers and creators.”

The program’s financing packages are aimed at production and distribution companies as well as all private sector establishments which are working in the film industry and will enhance competitiveness in the sector.

The budget was divided into two parts — 70% of it will be allocated to developing, producing and distributing content, and 30% to developing the sector’s infrastructure. The ministry will open the door for funding application later in 2022.

The program is one of the initiatives of IGNITE, which aims to boost local digital content creation and production, and develop the cultural sector in the Kingdom in general and the film industry in particular.

The CDF is working toward enabling the National Culture Strategy by developing appropriate financing channels in cooperation with various financial authorities, and raising the quality and ease of doing business in the cultural sector in order to attract local and foreign investments.