Logos of Cultural Development Fund, Saudi Film Fund, and MEFIC Capital
MEFIC Capital announced the launch of the “Saudi Film Fund” with a capital totaling SAR 375 million of which The Cultural Development Fund invested 40%. The new fund accentuates the attractive investment environment for the film and media sector in the Kingdom. Furthermore, it stimulates investment in this promising sector in addition to financing of innovative infrastructure projects in the content production and distribution industry.
The Saudi Film Fund is a strategic step towards promoting world-class local productions and represents the first investment initiative for the Cultural Development Fund in partnership with MEFIC Capital whom shall manage the fund, with Roaa Media Ventures acting as the technical partner. The partnership aims to enable collaboration with major renowned international studios as well as producing content that reflects Saudi culture and values.
The Saudi film production market has flourished recently as evident from its annual growth rate of more than 25%. It is the largest consumer market for creative and cinematic content in the Arab world, driven by the initiatives of the Ministry of Culture and the Quality-of-Life Program which aim to achieve the goals of the Kingdom’s Vision 2030. This rapid growth reflects the increasing demand for cinematic works that mimic the local culture and language, in light of the growing role of digital broadcast networks as a strong competitor to traditional cinema halls, which further enhances the consumption of visual content.
The launch of the Saudi Film Fund complements the agreement of the Cultural Development Fund with MEFIC Capital and Roaa Media Ventures which was signed during the latest Cannes International Film Festival. It represents an investment in the industry through the film sector financing program, which was launched by the Cultural Development Fund in 2023, as one of the initiatives of the Digital Content Program - IGNITE that aims to enhance digital content in the Kingdom.
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