Saudi Arabia at Cannes Unveils Two Film Funds Worth a Total $180 Million To Grow Local Industry
Saudi Arabia is flying the flag at the Cannes Film Festival where the kingdom’s Cultural Development Fund officially unveiled two separate film sector funds worth a total of $180 million aimed at fostering the local film industry and attracting international industry players.
At a breakfast event titled “A Billion Dollar Opportunity” Mohammed Bin Dayel, CEO of the Cultural Development Fund, and Najla AlNomair, the fund’s chief strategy and business development officer, announced an investment program with a budget of $80 million “that will target film and media production, distribution and infrastructure,” said Bin Dayel. He separately announced Saudi’s first film investment fund worth $100 million.
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“We are happy to celebrate this great milestone for the Saudi film sector which further confirms the Prince’s commitment to build this sector and reach the international market,” he said.
The Cultural Development Fund’s announcement in Cannes — which was scant on details — marks the kingdom’s latest incentives in its ongoing effort to launch a local film and TV industry almost from scratch. Last year in Cannes, Saudi unveiled its tax rebate for productions that provides up to 40% of spend in cash back for film productions that recruit Saudi crew and talent above and below the line, and feature the kingdom’s “culture, history and people along with showcasing the kingdom’s diverse selection of landscapes.”
Saudi Arabia has a strong presence in this year’s Cannes lineup, albeit not with Saudi films. Saudi Arabia’s Red Sea International Film Festival is a backer of fest opener “Jeanne du Barry,” toplining Johnny Depp as 18th century French King Louis XV, and of Tunisian filmmaker Kaouther Ben Hania’s competition entry “Four Daughters,” among other titles.
Hollywood productions that have shot in Saudi so far include Gerard Butler action-thriller “Kandahar,” directed by Ric Roman Waugh, which was filmed in AlUla, a sprawling area of desert and giant boulders that boasts an ancient city; and British director Rupert Wyatt’s historical tentpole “Desert Warrior” (pictured, above) toplined by “Captain America” star Anthony Mackie, which was shot in NEOM, a futuristic city being built in the Tabuk province of northwestern Saudi Arabia.
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