A $234 million budget for CDF's film industry funding initiative revealed during a Riyadh event

 During the Riyadh event Ignite the Scene, the Cultural Development Fund announced the beginning of a financing program for the film industry with a budget of SR879 million ($234 million).

It is a project of the Ignite Digital Content Program that will support the Saudi film industry and digital content promotion.

The Saudi Ministry of Communications and Information Technology is in charge of organizing Ignite the Scene, which is taking place in the King Abdullah Financial District till March 18.

"We are pleased to announce that we have partnered with strategic financial institutions across the nation to provide companies working in the film sector with the financial solutions to shore up the sector, establish financial sustainability for projects, and enable healthy market dynamics," said Mohammed bin Dayel, CEO of CDF.

The scheme would activate two funding sources, "loan and investment," according to Bin Dayel.

Lendo and Sukuk Capital, with whom CDF has inked agreements, will offer finance packages to businesses operating in the Saudi film industry. Later this year, the investment vehicle will be introduced.

Arab News spoke with the production designer and CEO of the Riyadh video production company Makzn7, Ahmed Baageel, about the significance of such occasions for the motion picture business.

"Writing and directing get a lot of attention in production design and art in general, but there are other people involved, such the lighting and art department, who undergo a difficult process," he said.

"That's why, at the conclusion of this, I would love to shine a light on all of the team's art directors who work so hard," the author said.

According to Baageel, he went to the event to network with people in the movie business, meet new people, and gain knowledge from others' experiences.

"These gatherings allow us industry professionals re-connect with one another and learn from one another," he continued.

It's amazing how these things can unite us and open up new possibilities.

In his introductory remarks, Abdullah Al-Eyaf, CEO of the Saudi Film Commission, emphasized his admiration for the sector.