The Saudi Film Commission has unveiled the first details of its film incentives package at the Red Sea International Film Festival – a cash rebate which is expected to equate up to 40 percent of qualifying costs for feature length, documentaries, and animation projects filmed in the kingdom.
The package is set to be one of the world’s most competitive incentive packages, even amongst established film markets, according to an official statement.
“We have been working hard to develop a competitive incentive package for local and international movie makers and content creators,” said Abdullah Al Eyaf, CEO of the Saudi Film Commission.
“Our ambition is high, we want Saudi to become a global hub for film, creative production and industry talent. The benefits of developing a world class film industry go beyond the sector and will strengthen the Saudi cultural ecosystem as a whole, driving economic growth and creating jobs across the country,” he added.
Initial applications are expected to be received by the end of the first quarter of 2022.
The announcement is an extension of the film commission’s newly launched strategy, which set out the framework for establishing the kingdom as a world-class film production hub.
A target has been set to build an industry with an initial revenue of $500 million, according to Al Eyaf, in which he added: “The strategy provides our roadmap to achieve our aspirations, working across the entire value chain to enable the sector. From talent development, infrastructure, and incentives, to creating a regulatory environment that drives the swift development of the sector, whilst increasing demand for Saudi produced movies through exhibition and distribution.”
The film commission strategy focuses on six areas, including fostering a world-class talent pipeline and ensuring homegrown talent can compete with the best.
It also aims to create a film sector that can compete in terms of services, offerings and incentives while boosting domestic film production and attracting further international production houses.
The commission will also work to embed a regulatory framework that enhances the rapid development of the sector and promote and distribute Saudi films in regional and international markets.
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