Saudi Cultural Development Fund's Tailored Financing Could Accelerate the Kingdom's Filmmaking Ambitions
You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.
The Saudi Cultural Development Fund (CDF), an investment fund to support the sustainable development of the Kingdom's cultural sector, hosted a roundtable and networking lunch at the 78th Cannes Film Festival, bringing together industry leaders, major studio executives, filmmakers, producers, and financiers.
Titled "Collaborate and Invest: Shaping the Future of the Film Industry," the event explored tailored financing mechanisms driving sustainable growth in the film sector and foster international collaborations, aligning with Saudi Arabia's vision to become a global hub for creative filmmaking.
During the event, CDF announced a significant expansion of its role in supporting film projects, introducing a comprehensive financial excellence framework. This approach, created in close collaboration with various partners within the Saudi film ecosystem, aims to streamline funding processes, enhance clarity, and expand access for stakeholders across the entire film industry value chain.
The framework aims to improve the efficiency of the incentives process, targeting a 60% reduction in processing times for successful applications. Key components include:
Clear Eligibility Criteria: Clear guidelines for accessing financial support.
Clear guidelines for accessing financial support. Well-Defined Evaluation Process: Objective assessments for project funding to enhance decision-making.
Objective assessments for project funding to enhance decision-making. Faster Processing Times: An integrated digital system for submitting, tracking, and managing funding applications.
This new direction reflects CDF's strategic commitment to accelerating the growth of the Saudi film sector, aligning closely with the Kingdom's Vision 2030 goals of economic diversification and cultural empowerment.
By enhancing the funding infrastructure and fostering a competitive, globally connected film industry, CDF aims to position Saudi Arabia as a leading destination for the film sector.
Related: UAE Homegrown Production House 1301 Films Aims to Promote MENA Region's Original Formats
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fox Sports
an hour ago
- Fox Sports
Cristiano Ronaldo is almost certain he won't play at Club World Cup
Associated Press MUNICH (AP) — Cristiano Ronaldo says he's almost certain he will not be playing at the Club World Cup, dealing a blow to FIFA president Gianni Infantino's hopes of having one of soccer's biggest attractions at the tournament. The Portugal captain confirmed Saturday that he received 'quite a few' offers from participating clubs to play for them at the tournament starting June 14, but had decided against accepting any of them. 'Some things make sense to talk about, other things don't, and, as a person says, you can't take part in everything,' Ronaldo said. 'You have to think about the short, medium and long term. It's a decision practically made on my part not to go to the Club World Cup, but I've had quite a few invitations to go.' The 40-year-old soccer great was speaking in Munich a day before Portugal's Nations League final against Spain. Infantino had suggested last month that Ronaldo, who is still contracted to Saudi team Al-Nassr until the end of June, could switch to one of the 32 clubs taking part in the Club World Cup because of a unique transfer window created for the tournament. Ronaldo did little to quell that speculation when he posted ' this chapter is over ' after Al-Nassr's last Saudi Pro League game of the season. He was linked with several Club World Cup participants, including Brazil's Palmeiras. A switch to Al-Nassr's crosstown rival Al-Hilal – the one Saudi club that qualified – was also mooted as a potential solution to having Ronaldo play at the tournament, where his great rival Lionel Messi will be playing with Inter Miami. FIFA would have welcomed the boost that Ronaldo's presence could provide for ticket sales, though such a switch to a bitter local rival for a short period would be unthinkable for players in Europe's leagues. Both Al-Nassr and Al-Hilal are among the four big Saudi clubs backed by the country's Public Investment Fund, which has a 75% stake in each. On Thursday, FIFA announced PIF as an ' official partner ' of the Club World Cup. Saudi state money is also effectively funding the tournament's broadcasting deal that has largely backed its $1 billion prize fund being shared among the participants. 'This is irrelevant right now,' Ronaldo first said when asked Saturday about the Club World Cup. 'It makes no sense to talk about anything other than the national team.' Ronaldo fired Portugal into the Nations League final on Wednesday with a 2-1 win over host nation Germany. His winning goal was his record-extending 137th for Portugal. If he plays Sunday he will make his record-extending 221st national team appearance. ___ AP soccer:
Yahoo
12 hours ago
- Yahoo
Is a $5,000 DOGE stimulus check a real thing? What we know
In February, President Donald Trump said he was considering a plan to pay out $5,000 stimulus checks to American taxpayers from the savings identified by billionaire Elon Musk's Department of Government Efficiency (DOGE). Are they happening? No official plan or schedule for such a payout has been released, and a decision on the checks would have to come from Congress, which has so far been cool to the idea. And there have been questions as to how much DOGE has actually saved. The idea was floated by Azoria investment firm CEO James Fishback, who suggested on Musk's social media platform X that Trump and Musk should "should announce a 'DOGE Dividend'" from the money saved from reductions in government waste and workforce since it was American taxpayer money in the first place. He even submitted a proposal for how it would work, with a timeline for after the expiration of DOGE in July 2026. "At $2 trillion in DOGE savings and 78 million tax-paying households, this is a $5,000 refund per household, with the remaining used to pay down the national debt," he said in a separate post. Musk replied, "Will check with the President." "We're considering giving 20% of the DOGE savings to American citizens and 20% to paying down the debt," Trump said in a during the Saudi-sponsored FII PRIORITY Summit in Miami Beach the same month. DOGE has dismantled entire federal agencies, wiped out government contracts and led the firings of tens of thousands of federal workers, leaving many agencies struggling to continue operations. DOGE checks? Elon Musk dodges DOGE stimulus check question during Wisconsin rally: Here's what he said. Fishbeck suggested that the potential refund go only to households that are net-income taxpayers, or households that pay more in taxes than they get back. The Pew Research Center said that most Americans with an adjusted gross income of under $40,000 effectively pay no federal income tax. They would not be eligible. If DOGE achieves Musk's initial goal of stripping $2 trillion from U.S. government spending by 2026, Fishback's plan was for $5,000 per household, or 20% of the savings divided by the number of eligible households. If DOGE doesn't hit the goal, Fishback said the amount should be adjusted accordingly. 'So again, if the savings are only $1 trillion, which I think is awfully low, the check goes from $5,000 to $2,500,' Fishback said during a podcast appearance. 'If the savings are only $500 billion, which, again, is really, really low, then the [checks] are only $1,250.' However, while Musk talked about saving $2 trillion in federal spending during Trump's campaign, he lowered the goal to $1 trillion after Trump assumed office and said in March he was on pace to hit that goal by the end of May. At a Cabinet meeting in April, Musk lowered the projected savings further to $150 billion in fiscal year 2026. Musk left the White House at the end of May when his designation as a "special government employee" ended. DOGE, the advisory group he created, is expected to continue without him. That depends on who you ask. On its website, DOGE claims to have saved an estimated $175 billion as of May 30, "a combination of asset sales, contract and lease cancellations and renegotiations, fraud and improper payment deletions, grant cancellations, interest savings, programmatic changes, regulatory savings, and workforce reductions." The site says that works out to $1,086.96 saved per taxpayer. However, many of DOGE's claims have been exaggerated and several of the initiatives to slash agency workforces have been challenged in court. DOGE has been accused of taking credit for contracts that were canceled before DOGE was created, failing to factor in funds the government is required to pay even if a contract is canceled, and tallying every contract by the most that could possibly be spent on it even when nothing near that amount had been obligated. The website list has been changed as the media pointed out errors, such as a claim that an $8 million savings was actually $8 billion. On May 30, CNN reported that one of its reporters found that less than half the $175 billion figure was backed up with even basic documentation, making verification difficult if not impossible. Some of the changes may also end up costing taxpayers more, such as proposed slashes to the Internal Revenue Service that experts say would mean less tax revenue generated, resulting in a net cost of about $6.8 billion. Over the next 10 years, if IRS staffing stays low, the cumulative cost in uncollected taxes would hit $159 billion, according to the nonpartisan Budget Lab at Yale University. The per-taxpayer claim on the website is also inflated, CNN said, as it's based on '161 million individual federal taxpayers' and doesn't seem to include married people filing jointly. This article originally appeared on Florida Times-Union: DOGE dividends: Will American taxpayers get a $5,000 check?
Entrepreneur
19 hours ago
- Entrepreneur
"ოქროს თაღები ერისთავზე" - მაკდონალდსის 27-ე ახალი რესტორანი დიდუბეში
საავტორო უფლება © 2025 Entrepreneur Media, LLC ყველა უფლება დაცულია. Entrepreneur® and its related marks are registered trademarks of Entrepreneur Media LLC
