December 12, 2023

Cultural Development Fund in the Red Sea Film Festival

Cultural Development Fund Participates in the Red Sea Film Festival

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The third Red Sea International Film Festival (RSIFF) saw a crucial contribution from the Saudi Cultural Development Fund (CDF). This aligns with CDF’s strategy to forge partnerships with the non-profit sector for sustainable growth in the Saudi film industry, according to a CDF press release.

The festival witnessed a dynamic cultural exchange, with the initiatives presented by the fund generating significant interest. This highlights the positive impact of the CDF in empowering the sector and fostering its development.

As part of its festival engagement, CDF organized a “FilmFunding Lunch” at the Wasl Art Space on December 3. Red Sea Film Festival, consistent with the fund’s vision, facilitated direct communication, providing a platform for top local and international companies. Attendees had the opportunity for private consultations, understanding challenges, and promoting the Film Sector Financing Program, as reported by SPA.

In a panel discussion titled “Unlocking Co-Production Opportunities with the Arab World,” Abdullah Alkhaldi, Chief Investment and Credit Officer of the Saudi Cultural Development Fund, shed light on the government’s role in facilitating film sector investments. He emphasized the fund’s commitment to offering comprehensive financial support across the sector’s value chain, focusing on de-risking investments for local and international businesses entering the market.

Closing its participation at the festival, CDF celebrated the world premiere of “Ahlam Alasr,” directed by the Godus brothers Sohayb and Faris. The film, funded through CDF’s Cultural Projects Incentive Program, received widespread acclaim, with tickets selling out within five days of the festival.

Initiated two years ago with the Quality of Life Program, CDF earmarked SAR181 million for non-recoupable financing in cultural projects, including filmmaking. This initiative aims to meet the cultural sector’s needs and contribute significantly to its ongoing development.

Source: Asharq Al-Awsat

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