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Saudi Arabia Promotes Investment Environment to Fund Cultural Projects

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia Promotes Investment Environment to Fund Cultural Projects

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia’s Cultural Development Fund launched a partnership with the private sector to bolster the investment environment in the cultural field and provide a crowdfunding opportunity for the first creative projects.

The partnership agreement was signed with Beehive company, which provides an inspiring environment for entrepreneurs and artists.

The Fund, which was established with a capital of half a billion riyals (about $133.32 million), seeks to support cultural development and its sustainability by allocating sustainable funding from the public and private sectors with optimal financing mechanisms to support cultural projects and ensure their success.

It seeks to boost crowdfunding opportunities and investment in the cultural sector to develop small and medium enterprises in an attempt to advance the cultural sector, develop promising cultural projects, and provide liquidity to revive the creative movement.

The Saudi cultural sector is preparing for a phase of thriving arts, culture and creative production, in line with investment plans in the sector and efforts to enhance its role in quality of life and sustainable economic development.

Head of Strategy and Partnerships at King Abdulaziz Center for World Culture (Ithra) Fatmah al-Rashid said the sustainability of cultural projects is one of the key challenges facing the sector.

Institutions are trying to address this challenge through many ways that ensure ongoing production, Rashid added.

She pointed out that the demand for the cultural products is greater than the supply, which requires efforts to develop initiatives and projects and encourage production and talents.

She further indicated that the Saudi institutions operating in the cultural field are expected to support the promising cultural sector, emerging talents, youth capabilities, and cultural and creative content.

She stressed that these efforts help in promoting the growth of the creative sector, expand its scope by creating jobs and providing an added value to the national economy and the innovation industry in line with the Kingdom’s Vision 2030 to transform into a knowledge-based economy.

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Heat Wave Leads to Warnings of Potentially Devastating Wildfires in Southern Australia

This undated handout image received on December 26, 2024 from the State Control Center of the Victoria Emergency Services shows officials on a road near a bushfire in the Grampians National Park in Australia's Victoria state. (Handout / S State Control Center of the Victoria Emergency Services / AFP)
This undated handout image received on December 26, 2024 from the State Control Center of the Victoria Emergency Services shows officials on a road near a bushfire in the Grampians National Park in Australia's Victoria state. (Handout / S State Control Center of the Victoria Emergency Services / AFP)
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Heat Wave Leads to Warnings of Potentially Devastating Wildfires in Southern Australia

This undated handout image received on December 26, 2024 from the State Control Center of the Victoria Emergency Services shows officials on a road near a bushfire in the Grampians National Park in Australia's Victoria state. (Handout / S State Control Center of the Victoria Emergency Services / AFP)
This undated handout image received on December 26, 2024 from the State Control Center of the Victoria Emergency Services shows officials on a road near a bushfire in the Grampians National Park in Australia's Victoria state. (Handout / S State Control Center of the Victoria Emergency Services / AFP)

Communities and firefighters across Australia’s second-most populous state were preparing Thursday for potentially devastating wildfires as a heat wave fanned by erratic winds presented the worst fire conditions in several years.

With temperatures in Victoria state reaching 37 degrees Celsius (99 degrees Fahrenheit) and with wind changes expected throughout the day, fire chiefs have issued stark warnings to rural communities to delay travel or leave their homes and seek safety at shelters.

Several fires are currently burning out of control across the state and Victoria deputy premier Ben Carroll said the possibility for further fires in the coming days was likely.

“Dangerous fire conditions are forming today and will go right through to Saturday,” he said at a press conference in Melbourne. “New fires can start anywhere and become dangerous very quickly.

The largest uncontained fire is located in the Grampians National Park and has burnt through 55,000 hectares so far, but no homes have been reported to have been lost.

However, Emergency Management Commissioner Rick Nugent said there were many residential properties on the fringes of the fire that could come under threat.

“I wouldn’t be surprised at some point if we do have residential losses,” Nugent said. “Firefighters, I can say, are doing everything possible to protect life and protect property.”

An emergency warning was issued by fire authorities for the small town of Mafeking, 260 kilometers (160 miles) west of Melbourne, on Thursday.

Residents there were told "you are in danger and need to act immediately to survive. The safest option is to take shelter indoors immediately, as it is too late to leave.”

The Australian Broadcasting Corporation reported around 100 personnel from other Australian states are now in Victoria to assist local firefighters battling the blazes. Firefighters are being assisted by scores of water-bombing aircraft.

Parts of neighboring South Australia and New South Wales states are also on high alert due to the heat wave and elevated fire risks.

The hot, dry conditions are being compared to the Black Summer fires that gripped Australia's two most populous states for months in 2019-20 and burned through 104 thousand square kilometers, an area roughly the size of Ohio, and destroyed thousands of homes and killed 33 people.