Saudi Gazette report

RIYADH — The Saudi Ministry of Investment signed a memorandum of understanding (MoU) with the Cultural Development Fund to explore areas of cooperation in cultural investment and attract international companies to the Saudi cultural sector. The signing ceremony was held on the sidelines of the Cultural Investment Conference, organized by the Ministry of Culture at the King Fahd Cultural Center in Riyadh.

The MoU aims to strengthen the partnership between the two sides in exploring investment opportunities and developing initiatives that contribute to attracting leading international companies to operate in cultural sectors. This will enhance the competitiveness of the cultural sector and increase its contribution to the national economy.

The signing of the memorandum aligns with the Cultural Development Fund's role as a center of excellence and financial empowerment, complementing joint efforts to create an attractive and supportive cultural investment environment. It will open new horizons for local and international investors, supporting the objectives of Saudi Vision 2030, which aims to make culture both an economic driver and a pillar of sustainable development.

MoU signed for projects to enhance Riyadh’s cultural landscape

The Ministry of Culture signed a MoU with the Royal Commission for Riyadh City (RCRC) for cooperation on implementing a number of strategic cultural and artistic projects in Riyadh so as to enhance the capital’s cultural landscape. The MoU encompassed several areas, most notably aligning the National Culture Strategy with the strategic objectives of Riyadh to achieve national goals, developing joint strategic plans and studies to enhance the integration of roles between cultural and development sectors in Riyadh, and strengthening cooperation in investment to support the growth of the cultural sector.

The deal also included coordinating efforts to direct investments towards projects that enhance the cultural landscape and improve the visitor experience, attracting public and private sector investments, and attracting international creative talents and companies, such as those that would be located in the proposed Creative District in Riyadh.

Other areas covered were empowering and nurturing local talents, maximizing the benefits of existing partnerships, and developing cultural infrastructure through strategic distribution assessments to identify and address gaps according to cultural development priorities.

The agreement also included aligning cultural infrastructure and heritage site development projects with the strategic objectives of both parties, and enhancing the efficiency of cultural facilities to achieve a sustainable level of operational excellence and cultural appeal. In addition, the agreement covered cooperation in developing cultural content and events, and implementing programs and initiatives to enhance the cultural experience for residents and visitors of Riyadh.

This agreement comes within the framework of integrated collaboration between public sector entities to achieve the national objectives of the Kingdom's Vision 2030, and it also embodies the goals of the National Culture Strategy, which aim to make culture a way of life, promote culture as a driver of economic growth, and enhance the Kingdom's international standing through culture.