Saudi Arabia launches $100m film fund to boost local cinema

MEFIC Capital and Cultural Fund launch $100 million film fund to elevate Saudi cinema and foster worldwide collaborations (X/@cdf_sa)
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Updated 21 February 2024
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Saudi Arabia launches $100m film fund to boost local cinema

Jeddah: MEFIC Capital has unveiled the Saudi Film Fund, with a capital injection of SR375 million ($100 million) and 40 percent of its budget coming from the Kingdom’s Cultural Development Fund.

The move underscores Saudi Arabia’s burgeoning film sector and aims to spur investment in infrastructure projects in content production and distribution.

The Saudi Film Fund marks a strategic leap toward elevating local productions to international standards and marks the Cultural Fund’s maiden investment venture.

In collaboration with MEFIC Capital and Roaa Media Ventures, the initiative seeks to bolster international partnerships with major studios and deliver content that mirrors Saudi culture and values.

Roaa Media Ventures, the fund’s technical partner, plays a pivotal role with extensive industry expertise.

The initiative stems from the initial agreement inked by the Cultural Development Fund with MEFIC Capital and Roaa Media Ventures at the Cannes International Film Festival, aligning with the Film Sector Financing Program, aiming to bolster digital content in the Kingdom.

The Saudi film sector has seen an annual growth rate surpassing 25 percent, making it the largest consumer market for creative and cinematic content in the Arab world. This growth, fueled by the Ministry of Culture’s initiatives and the Quality of Life Program, aligns with Vision 2030’s objectives, reflecting a rising demand for cinematic works resonating with local consumers.

Meanwhile, Saudi Arabia is preparing to host the Red Sea International Film Festival for the fourth consecutive year in December. The event is scheduled to take place at RSIFF’s new headquarters in Al-Balad, Jeddah, from Dec. 5-14.

Last year the festival featured 125 films from 75 countries. Its jury, led by acclaimed writer, director, and producer Baz Luhrmann, evaluated 17 feature films and 25 short films.

RSIFF represents a pivotal moment in the Kingdom’s cultural renaissance. As a premier event in the region, it not only displays the diversity and creativity of global cinema but also shines a spotlight on the flourishing Saudi film scene.

By offering a platform for Saudi filmmakers to showcase their work alongside international peers, the festival encourages the exchange of ideas, collaboration, and inspiration.


Wrapping up Year of Handicrafts at AlUla’s Winter at Tantora

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Wrapping up Year of Handicrafts at AlUla’s Winter at Tantora

  • Annual festival takes place until Jan. 10

ALULA: AlUla’s Old Town has sprung into life with Winter at Tantora — the annual festival which runs until Jan. 10 — as cooler temperatures settle over the region.

The three-week event contains workshops, concerts and gastronomic experiences which have transformed the historic landscape into a vibrant cultural gathering point, catering to locals and visitors alike.

Winter at Tantora takes its name from the traditional sundial, or the tantora, once used to mark the agricultural calendar.

The actual tantora is still perched atop what is now Dar Tantora The House Hotel, which was named as one of Time magazine’s “World’s Greatest Places” in 2024.

One of the festival’s most atmospheric offerings is Shorfat Tantora, where live music fills Al-Jadidah Arts District as musicians perform from balconies, blending traditional rhythms with contemporary beats.

The open-air experience invites audiences to gather and witness music’s unifying power on Thursday and Friday nights between 8:30 p.m. and 10:30 p.m. It ends on Jan. 2.

Since this year’s festival also highlights Saudi Arabia’s rich artisanal heritage — in line with the Ministry of Culture’s designation of 2025 as the Year of Handicrafts — there are plenty of crafts to be seen.

The festival spirit was also reflected this week at the outdoor Thanaya venue, a short drive from Old Town, where Emirati superstar Ahlam Al-Shamsi, who is known as Ahlam, took to the stage.

Her name, which means “dream” in Arabic, felt particularly fitting as the audience was immersed in her craft on the crisp, cool night with AlUla’s ancient rock formations as a backdrop. With wind billowing over the sky, she was perhaps the brightest star of the night.

Ahlam told the crowd: “In the Year of Handicrafts we celebrate human creativity through the hands that craft and the spirit that creates.

“The weather has been chilly over the last two days, but you (the audience) radiate warmth.”

With craft stations and food trucks nearby, Ahlam represented a modern twist weaved into the ongoing oral storytelling tradition.

Back in Old Town, people enjoyed the Art Walk tour and snaked through the labyrinth of painted mudbrick homes, murals and traditions while being guided by a local storyteller.

The Old Town Culinary Voyage merges storytelling and tasting. It spotlights traditional flavors and culture through aromas, spices and tastings.

Walking through the dusty, uneven rocky ground, visitors come across the ancient “Incense Road,” a well-known trade route central to pre-Islamic history and a main stage for global exchange.

A key stop in a network of ancient caravan routes, the road connected southern parts of Arabia, where frankincense and myrrh were produced, to the Mediterranean world.

These routes made incense one of the most valuable commodities of the ancient world. Parts of the route are now UNESCO World Heritage Sites.