Saudi Film Commission unveils new tax incentives
The Saudi Film Commission has announced details of its film incentives package. Speaking at the Red Sea International Film Festival, the organisation revealed that a cash rebate will be made available. The incentives are expected to equate up to 40% of qualifying costs for documentaries, animations and feature length projects filmed in the kingdom, creating one of the world’s most competitive incentive packages.
“We have been working hard to develop a competitive incentive package for local and international movie makers and content creators,” says 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.”
The announcement is an extension of the film commission’s new strategy, setting out a framework for establishing the kingdom as a world-class production hub. This strategy focuses on six key areas, including fostering a world-class talent pipeline and ensuring homegrown talent can compete with the globe’s best. The strategy thus strives to create a film sector that can compete in terms of services, offerings and incentives while, at the same time, boosting domestic film production and attracting more international production houses.
“The strategy provides our roadmap to achieve our aspirations, working across the entire value chain to enable the sector,” add Al Eyaf. “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.”
A target has been set to build an industry with an initial revenue of USD500 million. Initial applications are expected to be received by the end of the first quarter of 2022. The commission will also work to embed a regulatory framework that enhances the rapid development of the sector, thereby and promoting and distributing Saudi films in regional and international markets.
Bottom image courtesy of Unsplash.
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