The Cultural Development Fund (CDF) and the Red Sea Film Foundation announced the signing of a memorandum of understanding (MoU) aimed to co-finance film production projects, enhancing the creative momentum within the film sector and encouraging filmmakers to play an active role in its development. The initiative is part of broader efforts to foster collaboration and integration between the Fund and the film sector ecosystem while establishing effective strategic partnerships with government, private, and nonprofit sectors to develop and nurture the cultural scene while amplifying its positive impact.
The agreement was signed by the CEO of the Cultural Development Fund, Mr. Majed bin Abdulmohsen Al-Hugail, and the acting CEO of the Red Sea Film Foundation, Mr. Mohammed Asseri. The signing took place during the fourth edition of the Red Sea International Film Festival (RSIFF), where the Fund sponsors the Red Sea Souk. The Red Sea International Film Festival is the region’s premier cinematic event, embodying Saudi Arabia’s commitment to developing the film industry and bolstering its presence on the global stage.
The memorandum outlined key areas of collaboration, including designing joint financing and development solutions to support projects and creatives in the film sector, the exchange of commercial and investment opportunities, joint cultural research and studies, advancing the Fund’s mission to sustain cultural sector growth and enhance its economic and social impact, fostering an environment conducive to the growth and expansion of cultural projects, and supporting creative talent. The MoU also underscored the shared commitment of both parties to developing the capabilities of Saudi Arabia’s film sector and elevating its global standing as one of the 16 cultural sectors supported by the Fund.
