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Saudi Arabia Launches $234 Million Soft Money Fund on Top of Tax Rebates to Kickstart Film and TV Industry

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variety.com

Nick Vivarelli International Correspondent Saudi Arabia is launching soft money schemes worth a total $234 million available to both local and international companies over the next three years in its ongoing effort to launch a local film and TV industry almost from scratch.

The Saudi Cultural Development Fund officially unveiled its so-called Film Sector Financing Program during the Ignite the Scene event dedicated to the film industry held in Riyadh last week.

In an interview on Monday with Variety Najla AlNomair, who is the cultural development fund’s chief strategy and business development officer, said that the Saudi soft money pot is split into two parts: one allocated for loans that amounts to $154 million, and the other for investments, amounting to $80 million.

The loans component of the new Saudi incentives that was unveiled in Riyadh, is being channeled through two financial partners, Saudi banks Lendo and Sukuk Capital.

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