Saudi Cultural Development Fund Launches Film Investment Program with SR 300 million Budget and Announces its Partnership to Establish the First Film Investment Fund with SR 375 million Budget
RIYADH, Saudi Arabia, May 18, 2023 /PRNewswire/ -- The Saudi Cultural Development Fund (CDF) has launched the Film Investment Program with a budget of SR 300 million under the Film Sector Financing Initiative, which has a total budget of SR 879 million as part of the Digital Content Program IGNITE.
- RIYADH, Saudi Arabia, May 18, 2023 /PRNewswire/ -- The Saudi Cultural Development Fund (CDF) has launched the Film Investment Program with a budget of SR 300 million under the Film Sector Financing Initiative, which has a total budget of SR 879 million as part of the Digital Content Program IGNITE.
- The investment program was announced during the Cannes Film Festival, which is currently taking place in France from May 16 to 27.
- CDF has also called on both local and international investors to collaborate on supporting CDF's efforts to invest in the film sector.
- The launch of the Film Investment Program reinforces CDF's efforts to increase private sector investment in the cultural sector and develop its resources, with the aim of achieving economic diversification soon.