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MoU Signed to Reinforce Cultural Movement in Saudi Arabia

MoU Signed to Reinforce Cultural Movement in Saudi Arabia

Saturday, 17 July, 2021 - 08:30
Jeddah, Saudi Arabia. Image used for illustrative purpose. Getty Images

Saudi Arabia's Cultural Development Fund has signed two MoUs with Sukuk Capital and Osool Manfaa, under the framework of supporting the Entrepreneurs' projects that aim to localize the cultural sector in the kingdom and provide high-quality products of positive impact on the GDP.

Culture Prince Badr bin Abdullah bin Farhan Al-Saud said he looked forward to a huge cultural movement that sees the contribution of SMEs, with the support of the Fund, to the Saudi Vision 2030 in which culture becomes a life pattern in the Saudi community.

This MoU would contribute to developing the SMEs system in the cultural sector.

It seeks to reach an agreement that boosts the cultural sector, develops the SMEs and the promising projects in the Kingdom.

The agreement would also back entrepreneurs, introduce the available funding opportunities to operating companies in the cultural sector, study the projects of potential beneficiaries, provide liquidity for beneficiaries and prepare special reports related to the sector and target markets.

Saudi Arabia's Cultural Development Fund announced that August will witness the launch of a program which motivates cultural projects. It would allocate approximately $181 million and would target the institutions and associations that operate in various cultural sectors or related services.

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