Saudi Arabia launches investment funds to promote film industry

Two separate investment funds have been launched in Saudi Arabia with the aim of promoting the country’s film industry.

Riyadh-based asset manager MEFIC Capital has launched the Saudi Film Fund with total capital of US$100 million, 40% of which will be contributed by the Cultural Development Fund.

The fund launch follows on from an agreement made at the Cannes Film Festival in 2023 between the Cultural Development Fund, MEFIC Capital and Roaa Media Ventures who will act as the technical partner for the fund.

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Meanwhile, the General Entertainment Authority (GEA), set up to promote Saudi Arabia’s film industry, has announced the launch of a new investment fund of its own.

The Big Time fund will be co-sponsored by the Ministry of Culture and feature contributions from a range of companies within the film industry.

It will also involve “notable artists from the Araba world”, according to GEA chairman of the board of directors, Turki Al Al-Sheikh.

Al-Sheikh unveiled the fund during a visit to Egypt although he did not put a value on the fund.

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