MEFIC Capital has announced the launch of the Saudi Film Fund with a total capital of $100 million, 40% of which is invested by the Cultural Development Fund, highlighting the attractive investment landscape in the Kingdom's film sector.
The Saudi Film Fund aims to spur investment in the industry and provide financing for film production and distribution projects and infrastructure development projects.
Moreover, the Saudi Film Fund is bound to promote high-quality local production; it marks the first investment by the Cultural Development Fund, in collaboration with MEFIC Capital, who will manage the fund and Roaa Media Ventures which will serve as the technical partner that seeks to facilitate collaboration with leading international studios and create content that highlights Saudi culture and value.
By capitalizing on partnerships and expertise, “Roaa Media Ventures”, the technical partner of the Saudi Film Fund, has emphasized its role as a driving force through its deep experience in this sector. “MEFIC Capital”., licensed by the Capital Market Authority, manages the fund aimed at qualified investors and institutional investors, leveraging its over 17 years of expertise in capital markets and private equity investments.
The launch of the Saudi Film Fund is an extension to the agreement in principle that was signed by Cultural Development Fund, MEFIC Capital, and Roaa Media Ventures during the Cannes International Film Festival last year. Additionally, it comes as part of the Film Sector Financing Program, an IGNITE initiative, that was launched by the Cultural Development Fund in 2023 to increase digital content in the Kingdom.
The Saudi film production market has experienced significant growth, with an annual growth rate exceeding 25%. It is the largest consumer market for creative and cinematic content in the Arab world, driven by initiatives from the Ministry of Culture and the Quality of Life Program, part of the goals of Vision 2030.
This growth is proof of the rising demand for local culture and language in cinematic works, influenced by the increasing role of digital broadcast networks as competitors to traditional cinema halls, which boosts the consumption of visual content.
