Sunday April 14th, 2024
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MEFIC Capital Launches New USD 100 Million Saudi Film Fund

The fund is part of the agreement signed between the Saudi Cultural Development Fund, MEFIC Capital and ROAA Media Ventures at the Cannes International Film Festival in 2023.

Scene Now Saudi

MEFIC Capital Launches New USD 100 Million Saudi Film Fund

Saudi investment bank MEFIC Capital has recently launched Saudi Film Fund worth USD 100 million, in partnership with the Cultural Development Fund and ROAA Media Ventures, a pioneering holding company in the Kingdom’s media and entertainment industry.

The Saudi Film Fund aims to promote world-class local productions by financing qualitative and innovative infrastructure projects that develop creative content reflecting the diverse breadth of the Kingdom’s culture. This fund is an extension of the agreement signed between the Saudi Cultural Development Fund, MEFIC Capital, and ROAA Media Ventures at the Cannes International Film Festival in 2023.

Driven by ongoing initiatives from the Ministry of Cultures, the Saudi film industry has been witnessing an annual growth of more than 25%, making it the largest consuming market for creative and cinematic content in the Arab world.

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