PHOTO
RIYADH: ROAA Media Ventures, a pioneering holding company at the forefront of Saudi Arabia’s rapidly evolving media and entertainment industry, has announced an agreement in principle with Saudi Cultural Development Fund and MEFIC Capital to establish a Film Investment Fund for the Kingdom. The partners announced the agreement this morning (17 May 2023) during an exclusive industry breakfast hosted by Saudi Cultural Development Fund at the 76th Edition of the Cannes Film Festival.
The $100m Film Investment Fund is the first capital injection initiative to be revealed under Saudi Cultural Development Fund’s Investment Track, part of its recently launched Film Sector Financing Program.
The Fund will help stimulate investments in film projects, companies and media infrastructure, support the growth of talent and create new opportunities for job creation and development of the film industry in Saudi Arabia and internationally.
Mohammed Bindayel, CEO, Saudi Cultural Development Fund said, “We hope that our partnership with ROAA Media Ventures and MEFIC Capital to establish the first investment fund, marks the beginning of more public-private sector collaborations and a new chapter for the Saudi film sector, where the private sector takes the leading role in investing in its growth.”
ROAA Media Ventures will be the Technical Partner of the Fund and was selected by Saudi Cultural Development Fund because of its deep industry expertise and shared vision to create a dynamic media and entertainment industry that drives growth, innovation, and creativity across the entire value chain.
Established in 2022, the media venture builder fosters local media projects, develops and nurtures regional talent and forges strategic international alliances and partnerships in alignment with the Kingdom’s cultural transformation and goals of Saudi Vision 2030. Its subsidiaries include some of the region's most exciting and innovative media companies. Among them are Hakawati Entertainment, a leading film and TV production company, and Meridian-Hakawati Pictures, a groundbreaking international partnership with Hollywood's Meridian Pictures.
Commenting on the new agreement, Redha Alhaidar, Chairman, ROAA Media Ventures said: “ROAA Media Ventures is honored to partner with Saudi Cultural Development Fund and MEFIC Capital to establish the Film Investment Fund. Through this collaboration we will be able to foster partnerships that support the expansion and diversification of the film industry, creating valuable synergies between international expertise and the rich resources and talent present in the region.
“The establishment of this fund signals confidence in the region’s media and entertainment industry and will help attract more private sector investments, greater international collaboration and improve the availability of talent in the region and abroad.
“Our appointment as technical partner to the Fund is testament to the experience and capabilities of the ROAA Media Ventures team and we are pleased to be recognized as a positive driving force cultivating and growing the media and entertainment landscape in the region and beyond.
ROAA Media Ventures is led by a distinguished senior executive team and board with exceptional track records delivering media and production, management, communication, investment and policy in Saudi Arabia and around the world. Combining this local market expertise with its global experience, perspective, connections and financial resources, the company is helping accelerate the growth of the Saudi media and entertainment industry.
As a key partner in the Fund, ROAA Media Ventures will play a pivotal role in facilitating connections between international partners and local opportunities for filming, investment, or co-funding. It will also provide investment evaluation and management related services to the Film Investment Fund’s manager as well as technical and business assistance to the Fund’s portfolio companies, projects and assets.
“Cannes is one of the most important and prestigious film festivals in the world and we are thrilled to be here to announce such a great initiative to the international film community. We firmly believe that the power of cinema lies not only in its economic potential but also in its ability to share local cultures and values with the rest of the world, breaking down barriers and building bridges of understanding and respect. With the right financial backing, we can help unleash the full potential of talent from the Middle East to create authentic, high-quality content that can compete on the global stage,” Alhaidar added.
-Ends-
MEDIA CONTACTS
Ramzi Alabras
Mojo PR
Ramzi@mojo-me.com
About ROAA Media Ventures
ROAA Media Ventures is a pioneering holding company at the forefront of Saudi Arabia’s rapidly evolving media and entertainment industry. Established in 2022, it fosters local media projects, develops and nurtures regional talent and forges strategic international alliances and partnerships to support the Kingdom’s cultural transformation, in line with the goals of Saudi Vision 2030.
ROAA Media Ventures subsidiaries include some of the most exciting and innovative media companies in the region, from Hakawati Entertainment, a leading film and TV production company, to Meridian-Hakawati Pictures, a groundbreaking international partnership with Hollywood's Meridian Pictures.
About Hakawati Entertainment
Hakawati Entertainment is a premium content producer that specializes in TV drama, comedy, reality and films, creating shows that resonate with Arabic audiences worldwide. Its extensive catalogue of titles has been broadcast by top tier global streaming platforms and television networks. An advocate of international knowledge sharing, Hakawati Entertainment has also collaborated with the Los Angeles Film School to help prepare the next generation of creative professionals for a future in the entertainment industry.
About Hakawati-Meridian Pictures
Meridian-Hakawati Pictures is the first international alliance for ROAA Media Ventures. The exclusive partnership sees Meridian and Hakawati cooperate on deepening connections and working relationships between the Hollywood and Saudi film industries. The partnership will also see the two production companies collaborate on a slate of new films.
