The Saudi Cultural Fund announced a US$ 234,4 million program to finance the film industry, creative entrepreneurs, and foreign companies working in the film-making field.
The program was launched on the sidelines of the ‘Ignite the Scene’ event, which was launched last Thursday, by the Ministry of Communications and Information Technology in Riyadh, Saudi Arabia.
‘Ignite the Scene’is one of the initiatives of the IGNITE digital content program that aims to promote digital content in Saudi Arabia.
Muhammad Abdul Rahman bin Dayel, CEO of the Saudi Cultural Fund, said that the program is based on activating two financing tracks, namely “lending” and “investment”.
Bin Dayel added: “We are very happy to announce our partnerships with strategic financial institutions in the Kingdom, through which we aspire to contribute to the comprehensive development of the film sector in the Kingdom, to consolidate the principles of financial sustainability in the film-making projects”
The sessions and discussions of the Ignite the Scene event shed light on the Saudi film industry scene, the challenges, and the opportunities.
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