Saudi Arabia’s predominant film investment firm, the Saudi Film Fund, has rebranded itself as the country seeks to rehabilitate its image as a global cultural destination.
The country announced during its Cultural Investment Conference that two U.S. studios have provided financial backing for two film investments, totaling SR32.5 million (US$8.7 million). The country did not specify what the film investments were for, but they reflect the studios’ desire to break further into the Middle Eastern market.
Sony Pictures Entertainment, which owns Columbia Pictures, did not have an immediate comment, but former CEO Tony Vinciquerra said in an interview with the Ministry of Culture that he appreciated the “great focus” on culture in the nation. Universal Studios is not involved in any investment, despite reports out of the country on Tuesday.
“Clearly the focus is in great shape here,” he said in a video posted by the government agency. “Tremendous number of people have come to the conference, great speakers, great great focus again, and great interest from the leadership of the country. So I think it will catch people’s attention and get them thinking about ways to expand into the cultural aspects of the business.”
The Saudi Film Fund also announced its new name, “Riviera Content,” and its renewed plans to work with local and international studios to finance and produce films in Saudi Arabia. Saudi Arabia also announced the backing of China’s Ori Group, which will provide an investment of upwards of SR2 billion ($540 million).
The investments come as Saudi Arabia’s Cultural Development Fund, which launched in 2021, has tried in tandem with the country’s other culture agencies to help cement the Saudi capital as a premier destination in the region for the global entertainment industry. Still, they have had to combat the nation’s longstanding reputation for human rights abuses and its alleged role in the Sept. 11 attacks.
Multiple U.S. comedians have faced blowback from human rights groups and fellow comedians for their participation in the nation’s Riyadh Comedy Festival, which will feature the likes of Kevin Hart, Pete Davidson and Dave Chappelle. Podcaster Marc Maron said the ultimate financer, Crown Prince Mohammad bin Salman, was “the same guy that paid that guy to bone-saw Jamal Khashoggi and put him in a f***ing suitcase.”
“But don’t let that stop the yucks, it’s gonna be a good time!” he joked in an Instagram clip.
An earlier version of this story attributed the change, in part, to backing from Universal and Sony, but those details have since been clarified.
