The Saudi Cultural Development Fund (CDF) has launched the Film Investment Program with a budget of $100 million under the Film Sector Financing Initiative, which has a total budget of $250 million as part of the Digital Content Program IGNITE. The investment program was announced during the first week of the Cannes Film Festival, which is currently taking place in France until May 27.

The new Film Investment Fund aims to invest in or provide funding to companies and projects in the Saudi film sector, as well as providing network support through mentors, business leaders, distribution networks, and ensure proper risk management for investment portfolios.

“We are excited to announce that we have partnered with strategic financial institutions across the country to provide companies working in the film sector with the financial solutions to shore up the film sector, establish financial sustainability for film projects, and enable healthy market dynamics,” said Mohammed Bin Dayel, Chief Executive Officer at CDF. “We invite all financial and investment institutions to join this mission to build and empower this emerging sector.”

The total budget allocated to the Film Sector Financing Initiative is the highest among all art and cultural initiatives in KSA. Through the investment program, CDF aspires to foster a more effective, self-sustainable film sector and subsequently a more vibrant film industry environment by 2030, where the private sector is expected to take the leading role in investing in the sector.

The post Saudi Development Fund announces $100 million program to invest in cinema appeared first on Euronewsweek.

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