Dubai-based distributor Front Row Filmed Entertainment has acquired all MENA rights for the Saudi Arabian drama Within Sand, which was the Jury Prize winner at the second Red Sea International Film Festival earlier this month.
08.12.2022 - 20:23 / deadline.com
Saudi Arabia’s Cultural Development Fund is poised to launch a new $233m ($879m Saudi Riyal) film industry financing program in the first quarter of 2023, which will be open to both local and international entities.
The new fund joins a raft of initiatives introduced by the Saudi Arabian government to support the building of a film and TV sector in the wake of the lifting of the country’s 35-cinema ban at the end of 2017.
That move was part of a wider strategy to open up the country and move its economy away from a reliance on oil. Other key supports include a 40% rebate for production.
Bannered the Film Sector Financing Program, the aim of the new funding line is to stimulate the growth of a sustainable film industry and encourage private entities to get involved in the sector.
The monies will be meted out across various different financial packages targeting different parts of the production, distribution and exhibition chain.
There will be two key funding streams: a lending stream, under which companies can take out loans and keep ownership of their projects, and an investment stream, aimed at production and infrastructure projects.
The Culture Development Fund was launched in December 2021 as one of 16 development funds supporting different sectors of the economy, all of which are linked to Saudi Arabia’s National Development Fund.
The fund was among a number of Saudi organizations attending the Red Sea Souk market this week at the Red Sea International Film Festival, running in the port city of Jeddah from December 1 to 10.
The body’s role is to support the strategies put in place by the Ministry of Culture and its 11 different commissions covering the different cultural sectors, from film to fashion and dance.
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Dubai-based distributor Front Row Filmed Entertainment has acquired all MENA rights for the Saudi Arabian drama Within Sand, which was the Jury Prize winner at the second Red Sea International Film Festival earlier this month.
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