MEFIC Capital has announced it will be Fund Manager for the Kingdom’s First Film Investment Fund. An agreement to establish the fund was signed last week by Saudi Cultural Development Fund, MEFIC Capital and ROAA Media Ventures, in the presence of HH Prince Badr bin Abdullah bin Farhan Al Saud, Saudi Arabia’s Minister of Culture, at the 76th Edition of the Cannes Film Festival.
The SAR 375 million Film Investment Fund is the first fund of its kind for the Saudi film sector and aims to invest in and fund local film projects to support the growth of the sector, empower talent and contribute to Kingdom’s creative economy in line with the goals of Saudi Vision 2030.
Saudi Cultural Development will contribute 40% of the Film Investment Fund’s budget with MEFIC Capital to lead fundraising of the remaining target capital. MEFIC Capital will play a pivotal role in raising capital from the local Saudi market and partnering with regional and international investors who are optimistic about the future of the Saudi film industry.
Mohammed Bindayel, CEO, Saudi Cultural Development Fund, said: “We hope that our partnership with MEFIC Capital and ROAA Media Ventures to establish the first investment fund marks the beginning of more public-private sector collaborations and a new chapter for the Saudi film industry, where the private sector takes the leading role investing in its growth.”
As Fund Manager, MEFIC Capital will work closely with the Saudi Cultural Development Fund and ROAA Media Ventures to align strategies, identify worthy investment opportunities within the film sector and evaluate investment performance to ensure rewarding returns on investment for its clients.
While the Fund will invest in the film sector and media content industry assets globally, it will give preference to invest in companies, projects and assets that contribute towards the film sector and media content industry in Saudi Arabia or the MENA region.
Commenting on the partnership, Ibrahim Alhedaithy, CEO, MEFIC Capital said: “Saudi Cultural Development Fund is helping to create a robust film industry ecosystem in which collaboration, international partnerships, and global distribution opportunities thrive. As the Kingdom continues to make substantial investments in infrastructure and talent development, our financial expertise can help attract more investment and unlock tremendous returns.
“We are honored to form this public-private partnership with Saudi Cultural Development Fund and ROAA Media Ventures. Our appointment as Fund Manager is testament to the experience and capabilities of MEFIC Capital’s investment team and introduces a new sector into our portfolio; one which we are confident will yield excellent results for all.”
