Saudi Officials Sign the First Film Investment Fund of $100M in Cannes

In order to promote the country's media and entertainment sector, the Cultural Development Fund of Saudi Arabia signed a multimillion-dollar agreement to establish the first film investment fund in the Kingdom.

Initiatives to create a Kingdom-wide Film Investment Fund are part of the deal, which is valued at SR375 million ($100 million). The Cultural Development Fund will serve as the fund's lead investor and contribute 40% of the overall investment.

The fund and the Saudi firms ROAA Media Ventures and MEFIC Capital agreed upon the deal in principle on Thursday in Cannes, where the city's yearly film festival started on Tuesday. Prince Badr bin Abdullah, minister of culture and chairman of the fund's board of directors, is the deal's patron.

The agreement attempts to establish a network of mentors, businesspeople, and distribution professionals in addition to investing in the financing of film businesses and projects to support them and make sure that risks are adequately managed in accordance with recognized standards.

As a part of the Saudi pavilion at the Cannes Film Festival, which runs until May 27 and unites all organizations involved in the Kingdom's film industry are under the direction of the Film Commission of the Ministry of Culture, the Cultural Development Fund.