Saudi Arabia introduces investment fund for Arab entertainment

In a significant move, Saudi Arabia is launching the Big Time Fund, an investment initiative aimed at bolstering filmmaking across the Arab world. Turki Al Alsheikh, the Head of the Saudi General Authority for Entertainment (GAE), revealed that the fund will focus on elevating Arab content by supporting the production, distribution, and creation of films featuring prominent actors from the region.

The GAE will play a pivotal role as a major sponsor, while the Saudi Culture Ministry will co-sponsor the initiative, alongside specialized entertainment firms. Although the exact capital of the fund remains undisclosed, contracted companies will enjoy flexibility, with the ability to produce films beyond the fund’s scope.

During his visit to Egypt, often referred to as the Hollywood of the Arab world, Al Alsheikh outlined the fund’s initial phase, which targets investments in Saudi, Gulf, and other Arab films. The announcement aligns with Saudi Arabia’s broader efforts to diversify its economy, reduce reliance on oil, and attract increased foreign visitors.

The Kingdom’s entertainment industry has witnessed remarkable growth in recent years. The establishment of the General Entertainment Authority (GEA) in May 2016 marked a pivotal moment, leading to a series of high-profile concerts, stage shows, and festivals. One such flagship event is the Riyadh Season, an annual extravaganza that drew a staggering 17 million attendees in its latest edition.

Positioned as an entertainment and tourist magnet, the Riyadh Season offers a diverse array of experiences, including entertainment shows, fashion events, electronic games, fine arts exhibitions, handicraft displays, culinary delights, and themed zones. The festival, spanning 12 venues in Riyadh, features concerts by international celebrities, theatrical performances, and a culinary journey through global cuisines.

Debuting in 2019, the Riyadh Season is strategically designed to transform the city into a global hub for entertainment and tourism. Saudi Arabia’s commitment to nurturing its entertainment sector underscores its vision to create a vibrant cultural landscape and enhance its appeal as a destination for global audiences.