Riyadh’s Cultural Development Fund Showcases Film Financing Opportunities at Cannes International Film Festival
The Cultural Development Fund, a crucial financial powerhouse for Saudi Arabia’s culture sector, is teaming up with partners from the Kingdom’s film industry to present film financing and investment opportunities at the 77th annual Cannes International Film Festival, taking place from May 14 to 25.
Empowering the Domestic Film Scene
This marks the fund’s third year at the festival, underscoring its commitment to nurturing the domestic film scene and bolstering its role as a key enabler of cultural growth. At the Saudi pavilion, led by the Film Commission, the fund is showcasing its Film Sector Financing Program.
Comprehensive Financial Support
The program offers comprehensive financial packages that support the entire filmmaking process – from creation and production to distribution – for both local and foreign companies working on film and TV series in Saudi Arabia. It also serves as an opportunity for companies and investment funds to participate in the Kingdom’s film industry and contribute to its development.
Continuous Efforts to Attract Filmmakers and Investment
The fund’s participation in the Cannes event aligns with its ongoing efforts to attract filmmakers and investment to the Saudi film industry. With a vision to lead the Saudi film industry, the fund collaborates with other stakeholders to build a sustainable film sector that contributes to the national gross domestic product.
Driving Cultural Development
Established under the National Development Fund in 2021, the Cultural Development Fund aims to invigorate Saudi Arabia’s cultural scene by supporting various cultural endeavors and facilitating investments. This aligns with the National Culture Strategy and Saudi Vision 2030, fostering a thriving domestic cultural sector.