(MENAFN- Asdaf News)
Riyadh – Asdaf News:
MEFIC Capital has launched the Saudi Film Fund with a total capital of SAR375 million, including a 40% investment from the Cultural Development Fund, underscoring the attractive investment landscape in the Kingdom's film and media sector.
The fund aims to spur investment in this industry and provide financing for innovative content production and distribution projects infrastructure.
The strategic Saudi Film Fund is bound to promote high-quality local production; it marks the first investment by the Cultural Development Fund, in collaboration with MEFIC Capital, who will manage the fund.
Roaa Media Ventures will serve as the technical partner that seeks to facilitate collaboration with leading international studios and create content that highlights Saudi culture and values.
The Saudi Film Fund complements the agreement reached by Cultural Development Fund, MEFIC Capital, and Roaa Media Ventures during the Cannes International Film Festival last year. It is a major investment in the industry, and part of the film sector financing program initiated by the Cultural Development Fund in 2023 under the Digital Content Program (IGNITE) that aims to increase digital content in the Kingdom.
The Saudi film production market has experienced significant growth, with an annual growth rate exceeding 25%. It is the largest consumer market for creative and cinematic content in the Arab world, driven by initiatives from the Ministry of Culture and the Quality of Life Program, part of the goals of Vision 2030.
This growth is proof of the rising demand for local culture and language in cinematic works, influenced by the increasing role of digital broadcast networks as competitors to traditional cinema halls, which boosts the consumption of visual content.
Tags#Investment #MEFIC Capital #Ministry of Culture #Saudi Film Fund
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