Saudi Arabia has raised its rebate for movie and TV productions from 40% to a whopping 60% in a transparent sign that the dominion is eager to maintain driving its nascent trade after the removing of its religion-related 35-year cinema ban in late 2017.
The Saudi Movie Fee on Friday on the Cannes Film Festival unveiled what it known as its “updated cash-rebate program,” that, it stated in an announcement, “introduces a set of practical enablers that support every stage of production through clear processes, streamlined pathways and competitive financial support.”
“These updates include improved and accelerated disbursement processes, enhancing cash flow efficiency for production companies and creating a more supportive operating environment for project delivery in line with production timelines,” the assertion added.
The Saudi rebate, which was first launched at 40% in Cannes in 2022, was till just lately thought-about troublesome to navigate. However that’s altering, stated Rasha AlEmam, who’s CEO of Saudi Arabia’s Yellow Camel Studios and is in Cannes to lure worldwide productions. “Three years ago it was not really a user-friendly rebate,” she informed Selection. “But today the systems are in place; the processes, the guidelines, the government approvals. It’s all on paper.”
“Today’s announcement was not just that we are raising the rebate to 60%,” Abdullah bin Nasser Al-Qahtani, CEO of the Saudi Movie Fee, informed Selection. “We want to be not just the most generous incentive, but also the most agile one.”
“Over the past period, we have worked on developing a number of regulatory and operational aspects related to the incentives program, most notably the launch of the financial audit and disbursement procedures guide, with the aim of improving implementation efficiency and providing filmmakers with greater clarity,” Al-Qahtani famous within the assertion.
“Through the program, we are focused on developing an integrated ecosystem that enables filmmakers to work with confidence, empowers the private sector and attracts quality investments that contribute to transferring expertise and knowledge to local talent.”
Latest Hollywood productions shot in Saudi embrace “Chasing Red,” an adaptation of Isabell Ronin’s bestselling YA romance. Led by “Riverdale” star Madelaine Petsch and Gavin Casalegno, in January it grew to become the primary Hollywood film to be shot solely in Saudi. “Chasing Red” was shot in AlUla, a swathe of northwest Saudi Arabia that contains a lush oasis and huge sandstone canyons.
