Saudi Arabia’s Cultural Development Fund is poised to launch a new $233m ($879m Saudi Riyal) film industry financing program in the first quarter of 2023, which will be open to both local and international entities.
The new fund joins a raft of initiatives introduced by the Saudi Arabian government to support the building of a film and TV sector in the wake of the lifting of the country’s 35-cinema ban at the end of 2017.
That move was part of a wider strategy to open up the country and move its economy away from a reliance on oil. Other key supports include a 40% rebate for production.
Bannered the Film Sector Financing Program, the aim of the new funding line is to stimulate the growth of a sustainable film industry and encourage private entities to get involved in the sector.
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