Saudi film fund appoints manager

Saudi-based MEFIC Capital has been appointed as fund manager of what it claims is the kingdom’s first-ever investment fund focused on the film industry.

The Film Investment Fund was launched earlier this month by the Saudi Cultural Development Fund (SCDF), ROAA Media Ventures and MEFIC Capital.

The US$100 million investment vehicle is primarily designed to support the local film industry by investing in and financing local film projects.

While the SCDF will provide 40% of the fund’s budget, MEFIC Capital will be expected to raise the remaining funds from both Saudi and international investors.

MEFIC Capital was established in 2007 and had around $2.67 billion in assets under management.

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