Saudi Arabia at Cannes Unveils Two Film Funds Worth a Total $180 Million To Grow Local Industry
variety.comNick Vivarelli International Correspondent Saudi Arabia is flying the flag at the Cannes Film Festival where the kingdom’s Cultural Development Fund officially unveiled two separate film sector funds worth a total of $180 million aimed at fostering the local film industry and attracting international industry players.
At a breakfast event titled “A Billion Dollar Opportunity” Mohammed Bin Dayel, who is CEO of the Cultural Development Fund, and the fund’s chief strategy and business development officer Najla AlNomair announced an investment program with a budget of $80 million “that will target film and media production, distribution and infrastructure,” said Bin Dayel.
He separately announced Saudi’s first film investment fund worth $100 million. “We are happy to celebrate this great milestone for the Saudi film sector which further confirms the Prince’s commitment to build this sector and reach the international market,” he said.
The Cultural Development Fund’s announcement in Cannes – which was scant on details – mark the kingdom’s latest incentives in its ongoing effort to launch a local film and TV industry almost from scratch.
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