Cultural Investment Conference opens in Riyadh with focus on culture as strategic investment

📷SPA

Riyadh, September 30 (Saudi Arabia Breaking News) – The Cultural Investment Conference, organized by the Ministry of Culture under the patronage of His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, opened at the King Fahd Cultural Center in Riyadh.

The opening session, titled “From Policy to Prosperity—Culture as a Strategic Investment,” featured Minister of Investment Khalid Al-Falih and Minister of Economy and Planning Faisal Alibrahim, moderated by Faisal Abbas, Editor-in-Chief of Arab News.

Al-Falih said the Ministry of Investment will support the Ministry of Culture by identifying sector needs, attracting investors, facilitating financing, and holding workshops. He noted that more than 40 investment opportunities had been identified, including profitable and high-potential projects, alongside measures to accelerate licensing procedures and engage governance bodies and donors.

He also highlighted incentives launched by the Crown Prince that have stimulated the film industry and attracted international producers. Programs such as Ignite are supporting animation, short films, culinary arts, visual arts, music, and fashion. He said these initiatives are expected to triple job opportunities in the coming years as the private sector’s role grows.

Alibrahim emphasized that the global creative sector is valued at $3.4 trillion, underscoring culture’s role in economic diversification. He said every dollar invested in culture generates up to $2.5 in economic impact and creates direct job opportunities. He also noted that the Ministry of Culture and its ecosystem have trained around 5,000 people and sponsored thousands of students to pursue cultural degrees since the launch of Vision 2030.

He added: “Our objective under Vision 2030 is to accelerate the diversification of the economy. Culture has played a significant role in driving the first wave of growth in new sectors – tourism, culture, entertainment, and sports.”

The two-day conference highlights the growth of Saudi Arabia’s cultural sector and its potential to drive sustainable industry development and expand investment opportunities.