Riyadh, Saudi Arabia -The Middle East Financial Investment Company (MEFIC Capital) has unveiled the establishment of the Saudi Film Fund, boasting a total capital of SR375 million ($100 million), with a substantial 40% investment from the Cultural Development Fund. This collaborative effort signifies a significant stride in the Kingdom’s film and media sector, presenting lucrative investment opportunities.
The primary aim of the Saudi Film Fund is to inject vitality into the industry by offering essential financing for innovative content production and distribution infrastructure projects. MEFIC Capital will assume the responsibility of managing the fund, marking the first joint investment with the Cultural Development Fund.
Serving as the technical partner, Roaa Media Ventures aims to forge alliances with leading international studios, focusing on creating content that reflects Saudi culture and values.
The strategic fund is an outcome of an agreement forged during the Cannes International Film Festival the previous year, involving the Cultural Development Fund, MEFIC Capital, and Roaa Media Ventures. It represents a substantial investment in the film industry and aligns with the IGNITE Digital Content Program launched by the Cultural Development Fund in 2023.
The program seeks to elevate the Kingdom’s digital content output.
The Saudi film production market has experienced impressive growth, boasting an annual growth rate exceeding 25%, reinforcing its position as the largest market for creative and cinematic content in the Arab world. The growth is bolstered by initiatives from the Ministry of Culture and the Quality of Life Program, aligning seamlessly with the objectives outlined in Vision 2030.
