Saudi Arabia’s newly-minted Cultural Development Fund has officially unveiled two separate film sector funds at the Cannes Film Festival in France, Variety reports.
The two funds worth a total of $180 million are aimed at fostering the local film industry and attracting international industry players.Acc
According to the Variety report, at a breakfast event titled “A Billion Dollar Opportunity,” Mohammed Bin Dayel, who is CEO of the Cultural Development Fund, and the fund’s chief strategy and business development officer Najla AlNomair announced an investment program with a budget of $80 million “that will target film and media production, distribution and infrastructure,” said Bin Dayel. He separately announced Saudi’s first film investment fund worth $100 million.
“We are happy to celebrate this great milestone for the Saudi film sector which further confirms the Prince’s commitment to build this sector and reach the international market,” he said.
