The inaugural Cultural Investment Conference in Riyadh witnessed on Monday the signing of numerous agreements aimed at boosting the cultural sector in Saudi Arabia.
The Ministry of Culture signed a memorandum of understanding (MoU) with the Royal Commission for Riyadh City (RCRC) to implement several strategic cultural and artistic projects across the capital.
The MoU reflects the commitment to achieve the objectives of Saudi Vision 2030. It specifically supports the National Culture Strategy's goals: making culture a way of life and using it for economic growth and to boost the Kingdom's international standing.
The Ministry of Culture signed another MoU, with the ASYAD Holding Group, which leads a consortium including SparkLabs Saudi Arabia and Lamar Holding, to develop a landmark multi-use cultural site in Riyadh.
Minister of Culture Prince Bader bin Abdullah bin Farhan attended the signing of the agreement.
The Ministry also signed an MoU with Deutsche Bank to promote cultural exchange and develop cultural and artistic talents.
The MoU aims to establish a framework for cultural exchange between the Ministry of Culture and Deutsche Bank, contributing to greater understanding of potential areas of cooperation.
It also seeks to boost the professional skills of cultural personnel through the exchange of expertise, training programs, professional mentorship, and knowledge transfer.
Moreover, it includes exploring the hosting of reciprocal cultural delegations between the Kingdom and Europe with the goal of building the capacities of art curators and strengthening the presence of Saudi talents on the international stage.
The Ministry of Investment signed an MoU with the Cultural Development Fund to explore areas of cooperation in cultural investment and attract international companies to the Saudi cultural sector.
It aims to strengthen the partnership between the two sides in exploring investment opportunities and developing initiatives that help in attracting leading international companies to operate in cultural sectors. This will bolster the competitiveness of the cultural sector and increase its contribution to the national economy.
Saudi Sarat Investments Holding signed an agreement with Colnaghi, one of the world’s oldest auction houses, established in France in 1760, to open the company’s first office in the Middle East.
The Cultural Development Fund signed an agreement to establish the Kingdom’s first investment fund dedicated to the fashion sector, with capital of SAR300 million.
The investment fund will be managed by Merak Capital, with the Cultural Development Fund participating as a principal investor.
It aims to invest in companies and projects operating in the fashion sector and to develop related supply chains and services, in line with global best practices in asset and risk management.
It targets investments in fashion companies, including innovative ventures and Saudi brands with strong growth potential.
The Ministry of Culture said on Monday that investments in cultural infrastructure in Saudi Arabia have surpassed SAR81 billion since the launch of Saudi Vision 2030.
