Saudi Gazette report
RIYADH – The Cultural Development Fund (CDF) on Wednesday announced its “Film Sector Funding Programme” which aims to improve the infrastructure of the Saudi film sector and boost its production with a budget of SR879 million.
Mohammed Bin Dayel, CEO of CDF, said on his Twitter: “The Film Sector Funding Program comes to make a qualitative leap in a promising sector and empower talented people who are passionate about change and impact. I’m thrilled to support our local makers and designers.
The program’s financial arrangements are intended for production and distribution companies as well as all private sector establishments working in the film industry and will make it possible to increase the sector’s competitiveness.
The budget has been divided into two parts: 70% of it will be allocated to the development, production and distribution of content, and 30% to the development of infrastructure in the sector. The ministry will open the door to funding applications later in 2022.
The program is one of IGNITE’s initiatives, which aims to boost the creation and production of local digital content, and to develop the Kingdom’s cultural sector in general and the film industry in particular.
The CDF is working to implement the National Strategy for Culture by developing appropriate funding channels in cooperation with various financial authorities, and improving the quality and ease of doing business in the cultural sector in order to attract local and foreign investments.