Saudi Film Fund: MEFIC Capital's Major Investment in Media Expansion

Saudi Film Fund: MEFIC Capital's Major Investment in Media Expansion

By Staff Writer, 22 February 2024

MEFIC Capital has unveiled the launch of the Saudi Film Fund, boasting a hefty capital injection of SR375 million, a significant portion of which, 40%, is backed by the Cultural Development Fund.

This move underscores the expanding landscape of investment opportunities within Saudi Arabia's burgeoning film and media domain.

Designed to inject vitality into the sector, the fund aims to furnish crucial financial support for pioneering content creation and distribution infrastructure endeavors.

Notably, the Saudi Film Fund marks the maiden collaborative venture between the Cultural Development Fund and MEFIC Capital, with the latter tasked with overseeing fund administration.

Serving as the technical ally, Roaa Media Ventures endeavors to forge alliances with premier international studios, fostering the creation of content that not only resonates with Saudi heritage but also embodies its core values.

This strategic endeavor builds upon an accord inked during the Cannes International Film Festival the previous year, involving the Cultural Development Fund, MEFIC Capital, and Roaa Media Ventures.

It signifies a substantial commitment to propelling the film industry forward, dovetailing with the financing framework initiated by the Cultural Development Fund in 2023 under the IGNITE Digital Content Program, aimed at bolstering the Kingdom's digital content landscape.

The Saudi film production realm has witnessed an extraordinary surge, boasting an annual growth clip surpassing 25%, thereby cementing its status as the preeminent hub for creative and cinematic endeavors in the Arab world.

This remarkable ascent finds support in initiatives spearheaded by the Ministry of Culture and the Quality of Life Program, mirroring the overarching goals outlined in Vision 2030.

Source: Zawya

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