Saudi Arabia’s Film Funders Underscore Potential in Kingdom: ‘Saudi Arabia Is a Sleeping Giant That Is Now Waking Up’

variety.com:

Nick Holdsworth An “eco-system” of finance, lending and talent development is driving the creation of Saudi Arabia’s nascent film industry, key figures in the Middle Eastern kingdom’s cultural sector said this week.

Speaking during the third edition of the Red Sea Film Festival in Jeddah, Abdullah Alkhaldi, chief investment and credit officer at Saudi Arabia’s Cultural Development Fund, said its aim was to be “the financial enabler in pursuing and achieving a cultural vision.” The fund, which launched two years ago, has $152 million available for lending to cultural projects along with a $80 million Film Investment Fund, which was announced in Cannes last May.

The CDF would support the country’s emerging film industry with a focus on both its cultural and economic benefits until it became a “self-sustaining sector,” Alkhaldi added, at a market panel on “Unlocking Co-Production Opportunities With the Arab World.” The fund was focused on investing in infrastructure, with a 70/30 split in funds between that and content, he said. “One of our aims is to reduce risk for private investor, so they can see [investing in the Saudi film industry] as an opportunity, rather than a risk.

We’ve launched a program for private investors where we share a fifth of our 20% on investment returns with them to encourage them to join us in investing in film.” Emad Z.