Cultural Development Fund
Riyadh, Saudi Arabia, March 16, 2023 (Reuters) /PRNewswire/
With a budget of 879 million SAR
The Cultural Development Fund (CDF) has announced the launch of the film sector financing program with a portfolio of SAR 879 million. The program is an initiative of the IGNITE digital content program
The announcement was made at the Ignite the Scene event organized by the Saudi Ministry of Communications and Information Technology in Riyadh.
The program is open to local and international companies involved in the Saudi film sector. It aims to foster a sustainable and thriving Saudi film industry by enabling the private sector to fund packages that support local content and promote filmmakers. These packages are particularly aimed at small and medium-sized companies in this burgeoning sector, which is attracting increasing interest from investors and film fans across the country.
“We are pleased to announce that we have partnered with strategic financial institutions across the country to provide companies involved in the film industry with financial solutions that strengthen the film sector, create financial sustainability for film projects and create a… 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 strengthen this emerging sector.”
Bindayel added that the program will activate two financing tools: “lending” and “investment”. During the event, CDF kicked off the “Lending” vehicle by signing two agreements with its financial partners “Lendo” and “Sukuk Capital” to provide financing packages to companies operating in the Saudi film sector. The “Investment” vehicle will be launched later this year.
The program was launched in response to growing interest in the film sector in the UK. Companies active in the film sector can apply for funding for their projects via the CDF website: https://cdf.gov.sa/film.
The Cultural Development Fund was established in 2021 with the aim of further enhancing the cultural landscape within Saudi Arabia. The fund is organizationally linked to the National Development Fund and was established under the Quality of Life Program initiatives to encourage and strengthen the development of a distinct cultural sector. The fund actively supports a variety of cultural activities, facilitating investment and seeking to improve the profitability of the domestic cultural sector in line with Saudi Vision 2030
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Press contact:
Yasser Alasitani,
[email protected],
+966 (0) 11 293 2077
Original content from: Cultural Development Fund, transmitted by news aktuell
