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3h ago

Saudi Arabia Launches SR675m Fashion and Film Funds to Accelerate Creative Economy

Backing from the Cultural Development Fund is meant to draw private capital into creative sectors under Vision 2030.

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Saudi film culture fund
Models presenting creations of Saudi designer Tima Abid during the 2024 edition of Red Sea Fashion Week. Fashion in Saudi Arabia is one of its fastest-growing sectors. AFP

Overview

  • At the Cultural Investment Conference in Riyadh, officials unveiled sector-specific funds totaling SR675m ($180m) for fashion and film with the Cultural Development Fund as anchor investor.
  • Merak Capital will manage the SR300m ($80m) Fashion Fund, targeting growth-stage brands and projects across apparel, accessories, supply chains, e-commerce and beauty.
  • BSF Capital will run the SR375m ($100m) Film Fund, created with a leading global production partner to finance production, distribution and industry infrastructure.
  • The CDF introduced a co-lending program worth over SR1bn with local institutions, while Cultural Assets Group launched an SR850m private fund with one-quarter financed by the CDF.
  • The Ministry of Culture reported cumulative cultural infrastructure investment above SR81bn since Vision 2030 and officials said expanded private participation is expected to significantly increase jobs.