{"id":85012,"date":"2024-04-03T00:00:00","date_gmt":"2024-04-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/03\/from-ban-to-boom-a-look-at-the-kingdoms-path-to-saudiwood\/"},"modified":"2024-04-03T00:00:00","modified_gmt":"2024-04-03T00:00:00","slug":"from-ban-to-boom-a-look-at-the-kingdoms-path-to-saudiwood","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/03\/from-ban-to-boom-a-look-at-the-kingdoms-path-to-saudiwood\/","title":{"rendered":"From ban to boom: A look at the Kingdom\u2019s path to \u201cSaudiwood\u201d"},"content":{"rendered":"

From a 35-year cinema ban to a push for <\/strong>Saudiwood<\/strong>: <\/strong>In the six years since a 35-year cinema ban was lifted in 2018, Saudi has made big strides to become one of the region\u2019s leading film production markets. There\u2019s a Muvi on every street corner, production houses are setting up shop, investment are pouring in, more film festivals are shining a spotlight on local talent, and the industry regularly makes the pages of Variety. <\/p>\n

A primer on the state of the filmmaking industry:<\/strong><\/p>\n

Saudi is set to launch a USD 100 mn (SAR 375 mn) film fund<\/strong>, with the government\u2019s Cultural<\/a>Development Fund<\/a> contributing 40% of the fund\u2019s total capital. Dubbed the \u201cSaudi Film Fund\u201d, the fund is being launched by local investment firm Mefic Capital<\/a> in collaboration with Roaa Media Ventures<\/a> \u2014 a holding company focused on promoting local media projects and talent. The fund, which was announced in February, aims to invest in \u201cfilm production infrastructure and provide content that reflects the Saudi culture and values\u201d. The three parties signed a preliminary agreement<\/a> for the USD 100 mn film fund last year at the Cannes Film Festival. A separate USD 80 mn fund focused on \u201cfilm and media production, distribution and infrastructure\u201d was also announced<\/a> last year.<\/p>\n

Incentives for film production are key: <\/strong>The Saudi Film Commission announced in 2022 during its participation at the Cannes Film Festival an incentive program<\/a> aimed at turning the Kingdom as a global hub for film production. Those include up to 40% back for productions that hire local crew in above- and below-the-line positions, among other incentives. The incentives were announced a few months after the Kingdom set up the Red Sea Fund<\/strong> to support Arab and African filmmakers and directors. It has provided funding<\/a> for over 250 films since it was set up in 2021.<\/p>\n

And a big regional film fund: <\/strong>The General Entertainment Authority (GEA) launched in February an investment fund aimed at boosting Arabic film content across the region with an initial capital of EGP 4 bn (c. SAR 318 mn). The Big Time Investment fund, in which GEA holds a 30% stake, will focus on film production and distribution. It will be followed by similar investment funds Big Time 2 and Big Time 3 to pursue American and Indian films at later stages. It aims to produce 20 movies from across the region this year.<\/p>\n

We\u2019re already seeing Saudi in some of Hollywood\u2019s productions: <\/strong>Some of the movies shot here include the Gerard Butler action-thriller Kandahar<\/strong>, which was filmed in AlUla; Anthony Mackie\u2019s Desert Warrior<\/strong> in Neom; and a part of the crime drama Cherry<\/strong>, which was shot in AlUla and Riyadh. All three productions benefitted from the rebate<\/a> before it was officially announced. Hollywood\u2019s next big-budget movie Desert Warrior<\/strong>, which is backed by MBC Studios<\/a>, could be making its way towards an official release soon. The movie, which has been in the works since September 2021, was shot in Neom.<\/p>\n

And backing for some productions:<\/strong> Jeddah-based Red Sea Film Foundation has backed<\/a> Johnny Depp\u2019s film Modi<\/strong>, which follows the life of Italian artist Amedeo Modiglian. Al Pacino plays a supporting role as real-life French art collector Maurice Gangnat. It\u2019s Depp\u2019s first directorial outing in two decades.<\/p>\n

A first international film festival: <\/strong>The inaugural Red Sea Film Festival<\/a> kicked off in Jeddah in 2021 in what was the Kingdom\u2019s first international film festival. Its later editions featured a stellar lineup of Hollywood and global stars, including Will Smith, Johnny Depp and others. The Gulf Film Festival<\/a> is also coming to town this month, featuring 29 movies from GCC neighbors in a bid to boost the Gulf film scene.<\/p>\n

2023 was a great year for Saudi\u2019s box office<\/strong>: In 2023, local theaters witnessed a 20% y-o-y cinematic boom with 443 films released, attracting over 17.4 mn moviegoers, according to ScreenDaily<\/a>. This surge placed Saudi in the 15th spot in box office rankings worldwide, with ticket sales surpassing USD 240 mn, it added. By October 2023, seven licensed cinema operators managed a total of 69 cinemas, 628 screens, and 65k seats.<\/p>\n

Saudi\u2019s cinema sector could be a goldmine<\/strong>: Saudi\u2019s domestic box office could be worth USD 950 mn by 2030, according to a forecast by global accounting firm PwC<\/a>. It forecasts a population boom by the end of the decade to hold an immense growth potential for the cinema scene. The cinema industry could rake in a total of USD 1.5 bn by 2030 when factoring in revenue sources other than ticket sales, including income from F&B sales, concessions, and advertising. The report was written before the boom in cinema really got off the ground \u2014 even with the move to streaming, PwC\u2019s estimates could be a bit on the conservative side, they say.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi announced an incentive program aimed at turning the Kingdom as a global hub for film production<\/p>\n","protected":false},"author":1,"featured_media":85013,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2641],"tags":[39],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-explains","tag-enterprise-explains","wpautop","entry"],"acf":{"mongo_id":"9739a0f2-3752-47f9-8ff9-a735feeb1cca","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/218.jpg","photo_position":"above","homepage_title":"The path to \u201cSaudiwood\u201d","full_issue_title":"From ban to boom: How Saudi Arabia\u2019s film industry aims to become \u201cSaudiwood\u201d","related_issue":[85004],"teaser":"Saudi announced an incentive program aimed at turning the Kingdom as a global hub for film production","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.5769fd6d-5ec2-4d51-8e2d-c77fd0b9fa42.mp3"},"yoast_head":"\nFrom ban to boom: A look at the Kingdom\u2019s path to \u201cSaudiwood\u201d - 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