Saudi-based ROAA Media Ventures announced an in principle agreement with Saudi Cultural Development Fund (SCDF) and MEFIC Capital to establish a film investment fund for the Kingdom.
The partners announced the agreement on Wednesday, May 17, during an industry breakfast hosted by SCDF at the 76th edition of the Cannes Film Festival.
The $100m Fund is the first capital injection initiative to be revealed under SCDF’s ‘Investment Track’, part of its recently launched film sector financing programme.
The Fund is to help stimulate investments in film projects, companies and media infrastructure, support the growth of talent and create new opportunities for job creation and development of the film industry in Saudi Arabia and internationally.
Mohammed Bindayel, CEO, SCDF, hoped that its partnership with ROAA Media Ventures and MEFIC Capital to establish the first investment fund marks the beginning of more public-private sector collaborations and a new chapter for the Saudi film sector.
ROAA Media Ventures, the technical partner of the Fund, is into developing local media projects, nurturing regional talent and forging strategic international alliances and partnerships.
Redha Alhaidar, Chairman, ROAA Media Ventures, said through this collaboration the company will be able to foster partnerships that support the expansion and diversification of the film industry, creating valuable synergies between international expertise and the rich resources and talent present in the region.
“The establishment of this fund signals confidence in the region’s media and entertainment industry and will help attract more private sector investments, greater international collaboration and improve the availability of talent in the region and abroad,” Alhaidar said.
Alhaidar said as a key partner in the Fund, ROAA Media Ventures will play a pivotal role in facilitating connections between international partners and local opportunities for filming, investment, or co-funding.
It will also provide investment evaluation and management related services to the Film Investment Fund’s manager as well as technical and business assistance to the Fund’s portfolio companies, projects and assets.
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