Saudi Arabia is diversifying its economy, with a critical focus on the entertainment sector, to contribute over $23 billion or 3% of GDP and create more than 100,000 jobs by 2030.

Last year, Saudi Arabia’s Cultural Development Fund announced two separate grants to collectively spend $180 million in developing the local film industry, and the Saudi Film Commission launched Daw, an initiative to support local filmmakers and create quality local productions. 

Now, Saudi Arabia’s General Entertainment Authority (GEA) has announced a new investment fund called Big Time to focus on improving the quality of films while strengthening production values, distribution, and filmmaking.

The kingdom’s Ministry of Culture and contributions from various companies specialized in filmmaking and production will be part of the investment fund, which will also involve notable artists from the Arab world.

During a visit to Egypt, Turki Al Al-Sheikh, Chairman of the Board of Directors of the GEA, announced the fund and said that the initial phase will be dedicated to investments in significant Saudi, Gulf, and Arab films. 

The Innovation By Design Summit is in Doha on April 24. Attendance at the summit is by invitation only. Delegates can register here to receive their exclusive invite.