Saudi Arabia Officially Launches $233m Film Sector Financing Program Aimed At Local & Int’l Companies

deadline.com:

Saudi Cultural Development Fund (CDF) has officially launched its Film Sector Financing Program (FSFP) offering financial support to local and international film companies that want to get involved in the country’s burgeoning cinema industry.

The initiative, with a portfolio of $233m (879m Saudi Riyal), was first unveiled in early 2022, as part of the country’s $1.1 billion IGNITE Digital Content Program, and then teased again during the Red Sea International Film Festival in Jeddah last December.

The program officially launched against the backdrop of the film-focused the Ignite the Scene event in Riyadh last week, organized by the Saudi Ministry of Communications and Information Technology.

The CDF said in a release that the initiative is open to local and international companies and that its aim is to support the growth of a sustainable local film industry, by empowering the private sector with financing packages that support local content and promote filmmaking.