The Cultural Development Fund (CDF), Saudi Arabia's key financial enabler of the cultural sector, has unveiled 28 agreements and announcements worth over SAR3 billion ($933 million) during the inaugural edition of the Cultural Investment Conference (CIC), organized by the Ministry of Culture in Riyadh under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.
The announcements spanned both investment and financing solutions, including agreements to establish three new investment funds, with CDF acting as an anchor investor for two of them.
The first fund is the SAR375 million ($100 million) Saudi Film Fund, where CDF is an anchor investor in partnership with BSF Capital. The second is the SAR300 million ($80 million) Fashion Investment Fund, also with CDF as an anchor partner alongside Merak Capital.
The third fund, valued at SAR850 million ($227 million), was launched by the Cultural Assets Group and financed with SAR200 million ($53 million) from the Cultural Development Fund (CDF) as part of its role in enabling the cultural sector.”
The Saudi financial enabler also announced the launch of a co-lending product worth more than SAR1 billion ($266 million) in partnership with five financial institutions, alongside the introduction of five new financing products under its Cultural Finance.
These agreements and announcements will expand access to funding and business opportunities for cultural entrepreneurs and micro, small, and medium enterprises (MSMEs), said the statement from Cultural Development Fund.
Announcing this, its CEO Majed Abdulmohsen Alhugail said: "As a Center of Excellence and Financial Enabler for the cultural sector, the CDF works to strengthen integration across the cultural ecosystem and deepen strategic partnerships with the private sector—driving the sector’s sustainability and long-term growth."
"The agreements signed during the Cultural Investment Conference reflect our commitment to advancing public–private partnerships through risk-sharing mechanisms and co-financing models that channel new capital flows into the cultural economy," stated Alhugail. "These commitments mark a pivotal step toward building a thriving cultural sector that is globally competitive, generates investment and employment opportunities, and contributes to sustainable development. These efforts align with the National Culture Strategy and Vision 2030, which aim to raise the cultural sector’s contribution to GDP to 3%, while increasing the private sector’s share to 65% and diversifying the Kingdom’s economy," he added.
The Cultural Assets Group’s Fund will make investments across visual arts, fashion, digital content, experience design, and emerging technologies. This fund integrates public and private capital to localize IP, attract international companies, and sustain long-term growth of the cultural economy.-TradeArabia News Service