Under the patronage of Prince Badr bin Abdullah bin Farhan, Minister of Culture and Chairman of the Board of Directors of the Cultural Development Fund (CDF), the Fund signed an initial agreement yesterday in Cannes, France, with “MEFIC Capital” and “ROAA Media Ventures” to establish the first film sector investment fund, which is valued at SAR 375 million, with the CDF contributing as the primary investor at 40% of the total investment.
The agreement aims to invest in film sector companies and projects, providing them with the necessary financing. It also aims to build a network of mentors, entrepreneurs, and distribution experts to support these companies and ensure that the risks of investment portfolios in the sector are managed with best practices.
This agreement was signed during the Cannes Film Festival, which is being held from May 16 to May 27. The Cultural Development Fund is participating in the festival within the Saudi pavilion, which brings together all entities involved in the Saudi film industry, led by the Culture Ministry’s Film Commission.
Source: Saudi Press Agency