Saudi Arabia is launching soft money schemes worth a total $234 million available to both local and international companies over the next three years in its ongoing effort to launch a local film an…
is launching soft money schemes worth a total $234 million available to both local and international companies over the next three years in its ongoing effort to launch a local film and TV industry almost from scratch.
The loans component of the new Saudi incentives that was unveiled in Riyadh, is being channeled through two financial partners, Saudi banks Lendo and Sukuk Capital. The loans “can be for a production project, but also for a company that provides services to the production [such as companies that provide film props] and also for marketing and distribution services as well as for infrastructure,” said AlNomair. She specified that by “infrastructure” she meant film studios. This soft money is not to support Saudi’s booming exhibition sector.
Ever since it lifted its 35-year-old religion-related ban on cinema in 2017, Saudi Arabia has been experiencing a boom in all aspects of film industry activity, becoming the Middle East’s top-grossing territory in terms of theatrical box office returns. Attracting international film and TV productions is clearly a key part of this government-driven effort.
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