Latest news with #SAR375
Zawya
27-02-2025
- Business
- Zawya
Saudi targets $100bln mining investment
Saudi Arabia has set a target to attract investments of around 375 billion Saudi riyals ($100 billion) to its mining sector as part of its Vision 2030, an official has said. The world's largest oil exporter has already managed to attract nearly SAR75 billion ($20 billion) to mining projects since it introduced a landmark law to incentivise investors, said Khalid Al-Mudaifer, Deputy Industry and Mineral Resources Minister. 'The Kingdom has announced several investment opportunities in the mining sector with a value of nearly SAR375 billion until 2035,' Mudaifer told a promotion seminar on Saudi Arabia in the US Miami city. Quoted by the Saudi daily Al-Madina on Thursday, Mudaifer said Saudi Arabia's drive to develop that sector has largely paid off, with the number of mining companies jumping from six in 2020 to 133 at the end of 2023. Spending on mining exploration exceeded SAR1.33 billion ($355 million), he added. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Asharq Al-Awsat
20-02-2025
- Business
- Asharq Al-Awsat
Saudi CDF Says it Engaged with Filmmakers, Potential Partners at Berlin Film Festival
The Saudi Cultural Development Fund (CDF) has concluded its participation in the 75th Berlin International Film Festival, which was held from February 13 to 19. As part of the Saudi pavilion, CDF engaged with international filmmakers, industry professionals, and potential partners, exploring promising opportunities in Saudi Arabia's rapidly growing film sector. CDF aimed to highlight its role as a key financial enabler of the Kingdom's cultural sector and its contributions to developing film production. It also presented its financial solutions through Cultural Financing, demonstrating how it empowers local and international filmmakers to launch and expand their projects in the Kingdom. CDF also aimed to foster strategic partnerships within the global film community—connecting with filmmakers, potential collaborators, and investors to explore new opportunities in the sector. One of the key highlights of CDF's participation was showcasing the Cultural Financing to visitors—its overarching framework for financial services that supports projects across all 16 cultural sectors, including film—seeking to attract global talent across the entire film value chain and playing a crucial role in advancing the industry's development in the Kingdom. Focusing on micro, small, and medium enterprises (MSMEs), the Cultural Financing offers flexible financing solutions with competitive interest rates, enabling businesses to establish and expand operations while ensuring long-term sustainability, profitability, and financial security. CDF's participation in Berlinale extends its ongoing efforts to contribute to the sustainable growth of Saudi Arabia's film sector, encourage global companies to establish operations in the Kingdom and solidify its position as a regional and international hub for creative content production. In this context, CDF recently announced closing its fundraising efforts for the Saudi Film Fund, securing SAR375 million from 10 local and international investors in partnership with the private sector. As the first investment fund of its kind in Saudi Arabia, with the Cultural Development Fund serving as an anchor investor contributing 40% of the total capital, the Saudi Film Fund is dedicated to investing in infrastructure, production capabilities, and sector-related entities. This will further reinforce the film sector's contribution to the national economy and enhance the quality of life in Saudi Arabia.
