SAUDI ARABIA

MEFIC Capital launches SR375 million Saudi Film Fund to boost local production

February 19, 2024

Saudi Gazette report

RIYADH — MEFIC Capital has announced the establishment of the Saudi Film Fund, with a total capital of SR375 million, including a significant 40% investment from the Cultural Development Fund.

This initiative highlights the burgeoning investment opportunities within the Kingdom's film and media sector. Aimed at invigorating investment in the industry, the fund will provide essential financing for innovative content production and distribution infrastructure projects.

The Saudi Film Fund represents the first collaborative investment by the Cultural Development Fund with MEFIC Capital, who will oversee the fund's management. Roaa Media Ventures will act as the technical partner, aiming to foster partnerships with leading international studios and produce content that showcases Saudi culture and values.

This strategic fund is a continuation of an agreement made during the Cannes International Film Festival last year between the Cultural Development Fund, MEFIC Capital, and Roaa Media Ventures. It signifies a substantial investment in the film industry and is part of the financing program launched by the Cultural Development Fund in 2023 under the IGNITE Digital Content Program. This program's goal is to enhance the Kingdom's digital content output.

The Saudi film production market has seen remarkable growth, with an annual growth rate of over 25%, making it the largest market for creative and cinematic content in the Arab world. This growth is supported by initiatives from the Ministry of Culture and the Quality of Life Program, aligning with the objectives of Vision 2030.


February 19, 2024
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