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Quatar launches $200m film fund
Wed, 04 Nov 2009
Qatari media group Alnoor Holdings has launched the $200 million Alnoor fund to finance and produce up to 15 features for the international market in the next five years. The announcement was made last week during the four-day inaugural Doha Tribeca Film Festival.
Alnoor Holdings, which has substantial investments in the Arab media business, will invest $40 million into the fund, with the remaining money coming from private investors across the Gulf region. The fund will be aimed at Hollywood and international projects.
Alnoor Holdings will use the services of Entertainment Capital Advisers when deciding on which projects to invest in. Fund managers hope to finance ethically based, family-friendly projects.
"If you want to invest in the film industry, the best place to invest is Hollywood," Alnoor Holdings chairman Ahmed Al-Mustafawi Al-Hashemi told Daily Variety. "They have the established business centre. No business is without risk but we have been studying this for some time now and we believe that a 10% return on our investment is available. We believe in this business."
Alnoor expects to announce its first greenlit project in the coming days. "In the past, investors in this region used to put their money into shares and real estate thinking they were more solid," Al-Hashemi said. "Now investors have seen this is not the case. We have good financial resources here in the Gulf, and we believe there are good opportunities to invest in the film market."
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