"Welcome to all of you, filmmakers, makers of art and makers of hope," festival director Ahmed al-Mulla told participants at the opening ceremony, which was broadcast online.
The fourth edition of the festival had been slated to run from March 23-28 in the Gulf coastal city of Dhahran, but it was pushed back due to stormy weather.
This is the third consecutive annual film festival in Saudi Arabia after a hiatus of seven years.
The festival includes four competitions for feature films, documentaries, student productions, and unproduced scripts.
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Other events on offer for Saudi spectators have been the New York theatrical group iLuminate, the Comic-Con pop culture festival, and WWE wrestling.