Saudi Gazette report
RIYADH — Minister of Investment Eng. Khalid Al-Falih said that the number of licenses issued for cultural activities, events, and entertainment in the Kingdom has exceeded 50,000, including 1,700 for foreign investors. Most of these licenses are for small investors, artists, and creative individuals, he said while attending a panel discussion at the Cultural Investment Conference 2025 in Riyadh on Monday.
Al-Falih announced the imminent launch of a fund worth SR150 million to invest in specific creative and cultural sectors. "Culture represents 'the soul of the nation and society' and is the foundation of a sustainable economy and happiness," he said while emphasizing the importance of investing in this vital sector.
The minister praised the efforts of Minister of Culture Prince Badr bin Abdullah, who led the sector from its inception to remarkable achievements under the patronage of Crown Prince and Prime Minister Mohammed bin Salman.Al-Falih emphasized that one of the ministry's main objectives is to facilitate foreign direct investment, with a focus on startups in the creative arts sector, aiming to cultivate "billion-dollar" companies in this sector, similar to what has been achieved in the technology sector.The minister pointed to the strategic partnership between the Ministry of Investment and Ministry of Culture, which resulted in a comprehensive analysis of various sub-sectors of the cultural industry, identifying their legislative, financial, and funding requirements, and examining any obstacles before addressing them. Al-Falih noted that 40 investment opportunities have been identified so far, and he expects some of these to generate returns of at least 20 percent. He further highlighted a range of financial and non-financial incentives, encompassing the sectors of film, fashion, culinary arts, music, and visual and performing arts, targeting particularly startups and training institutions.
