Riyadh, Saudi Arabia – A new Film Investment Fund was established in Saudi Arabia on Wednesday with a $100m capital injection, aimed at boosting the development of the country’s growing film industry.
The fund is the first capital injection initiative under the Investment Track of Saudi Cultural Development Fund’s recently launched Film Sector Financing Program.
It will support film projects, companies, and media infrastructure, while also creating job opportunities and supporting the growth of talent both domestically and internationally.
ROAA Media Ventures, along with Saudi Cultural Development Fund and MEFIC Capital, announced the agreement in principle to establish the fund during an exclusive industry breakfast hosted by Saudi Cultural Development Fund at the 76th Edition of the Cannes Film Festival.
Established in 2022, ROAA Media Ventures fosters local media projects and develops regional talent, will serve as the technical partner of the fund.
“We hope that our partnership with ROAA Media Ventures and MEFIC Capital to establish the first investment fund, marks the beginning of more public-private sector collaborations and a new chapter for the Saudi film sector, where the private sector takes the leading role in investing in its growth,” Mohammed Bindayel, CEO, Saudi Cultural Development Fund said.
Redha Alhaidar, Chairman, ROAA Media Ventures said: “Through this collaboration we will be able to foster partnerships that support the expansion and diversification of the film industry, creating valuable synergies between international expertise and the rich resources and talent present in the region..