(Bloomberg) -- A Saudi Arabian investment firm is setting up a $100 million fund to invest in the kingdom’s film industry, one of the first such bets on the region’s fastest-growing movie production markets. 

The Saudi Film Fund, a partnership between MEFIC Capital and Roaa Media Ventures, will collaborate with major international studios and “provide content that reflects Saudi culture and values,” according to a statement Monday. 

Saudi Arabia is the biggest regional economy, with a population of just over 32 million — about 63% of whom are under the age of 35. That makes it one of the top markets for local-language content in the Middle East, with a film production sector that boasts an annual growth rate of about 25%.

Over the past some years, the kingdom has been pushing deeper into industries including sports and entertainment, partly as a way to improve its image abroad and diversify the economy. As part of these plans, the government is offering huge incentives to become a hub for movie production.

In 2019, the kingdom set up the Red sea International Film Festival and last year unveiled two funds at Cannes for production infrastructure and film industry investment.

Read More: Saudi Arabia’s Five-Year-Old Film Industry Hits Cannes Festival

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