MEFIC Capital launches Saudi film fund to boost local film industry

MEFIC Capital has unveiled the Saudi Film Fund, injecting SR375 million ($100 million) into the initiative, with 40 percent of its funding sourced from the Kingdom’s Cultural Development Fund.

This significant move highlights the rapid growth of Saudi Arabia’s film sector and aims to stimulate investment in infrastructure projects related to content production and distribution.

The establishment of the Saudi Film Fund represents a strategic leap toward raising the standard of local productions to meet international benchmarks. It also marks the inaugural investment venture of the Cultural Fund in this domain.

In collaboration with MEFIC Capital and Roaa Media Ventures, the initiative aims to forge international partnerships with major studios and deliver content that authentically reflects Saudi culture and values. Roaa Media Ventures, the technical partner of the fund, plays a crucial role, leveraging its extensive industry expertise.

The genesis of this initiative dates back to an initial agreement signed by the Cultural Development Fund with MEFIC Capital and Roaa Media Ventures at the Cannes International Film Festival. This aligns with the objectives of the Film Sector Financing Program, which seeks to enhance digital content creation in the Kingdom.

The Saudi film sector has witnessed remarkable annual growth, surpassing 25 percent, positioning itself as the largest consumer market for creative and cinematic content in the Arab world. This growth, fueled by initiatives from the Ministry of Culture and the Quality of Life Program, is in alignment with the objectives of Vision 2030, reflecting a rising demand for cinematic works that resonate with local audiences.

Meanwhile, Saudi Arabia is gearing up to host the Red Sea International Film Festival for the fourth consecutive year in December. The event is slated to take place at RSIFF’s new headquarters in Al-Balad, Jeddah, from December 5-14. Last year, the festival showcased 125 films from 75 countries. The jury, led by acclaimed writer, director, and producer Baz Luhrmann, evaluated 17 feature films and 25 short films. RSIFF represents a pivotal moment in the Kingdom’s cultural renaissance. As a premier event in the region, it not only showcases the diversity and creativity of global cinema but also highlights the burgeoning Saudi film scene.

By providing a platform for Saudi filmmakers to exhibit their work alongside their international counterparts, the festival fosters the exchange of ideas, collaboration, and inspiration.

Ateme introduces adv
Gravity Media Austra