Saudi Arabia's Cultural Sector Thrives Amid Economic Transformation
With over $1.33 billion worth of agreements signed, the Kingdom’s cultural economy is blossoming under Vision 2030.
RIYADH: Saudi Arabia's cultural sector is experiencing a period of significant growth, serving as an essential element of the nation's broader transformation outlined in Vision 2030.
The Cultural Investment Conference, held under the patronage of Crown Prince Mohammed bin Salman, underscored this momentum.
According to Saudi Minister of Culture Prince Badr bin Abdullah bin Farhan, the conference marked a successful chapter for the Kingdom, with 89 agreements worth SR5 billion (approximately $1.33 billion) signed, indicating its economic impact and development.
Between 2018 and 2023, the sector's contribution to the national economy increased from SR30 billion to approximately SR60 billion.
This growth is attributed to the establishment of 11 specialized cultural commissions under Vision 2030 and substantial public and private investments in museums, venues, and large-scale events.
These investments have amounted to over SR81 billion, marking a historical milestone for Saudi Arabia's cultural infrastructure.
Basil Al-Ghalayini, chairman and CEO of BMG Financial Group, discussed the sector's evolving investment landscape.
He highlighted that investing in culturally related projects aligns with Vision 2030’s goals, with at least 3 percent contribution to the GDP. Investor confidence is seen as a key success factor for maintaining this progress.
On a global scale, cultural investments total around $2.3 trillion annually, representing 3.1 percent of global economic output.
As Saudi Arabia develops its cultural sector, it becomes an integral part of the country's strategy to diversify the economy.
The goal under Vision 2030 aims to increase the number of graduates in cultural disciplines to 255,000 and create over 346,000 jobs.
The sector has shown strong performance, with small and medium-sized enterprises (SMEs) contributing significantly, employing around 234,000 individuals as of 2023, an increase from 2021.
The Cultural Development Fund is playing a crucial role in empowering entrepreneurs by supporting development programs for both men and women.
It aims to bridge the financing gap, inject SR13.8 billion into the sector in partnership with the private sector, and create 30,000 jobs.
Cultural investment funds are financing various sectors such as fashion, film, and culinary industries, which are projected to increase in value between SR31.9 billion and SR34.8 billion by 2030.
The film industry is expected to offer lucrative returns for investors, having already attracted over SR3.5 billion, with ticket revenues reaching around SR900 million annually.
Prince Badr emphasized the invaluable asset of Saudi artists in cultural investment, praising their ability to engage with global audiences creatively and innovatively.
Cultural and artistic academies are being established to support these artists' careers, including the upcoming Riyadh University of the Arts.
As Saudi Arabia continues to nurture its cultural sector, diverse sectors such as fashion, film, and job opportunities for investments are flourishing.
The Kingdom's efforts have solidified its position as an influential and transformative asset globally.
The Cultural Investment Conference, held under the patronage of Crown Prince Mohammed bin Salman, underscored this momentum.
According to Saudi Minister of Culture Prince Badr bin Abdullah bin Farhan, the conference marked a successful chapter for the Kingdom, with 89 agreements worth SR5 billion (approximately $1.33 billion) signed, indicating its economic impact and development.
Between 2018 and 2023, the sector's contribution to the national economy increased from SR30 billion to approximately SR60 billion.
This growth is attributed to the establishment of 11 specialized cultural commissions under Vision 2030 and substantial public and private investments in museums, venues, and large-scale events.
These investments have amounted to over SR81 billion, marking a historical milestone for Saudi Arabia's cultural infrastructure.
Basil Al-Ghalayini, chairman and CEO of BMG Financial Group, discussed the sector's evolving investment landscape.
He highlighted that investing in culturally related projects aligns with Vision 2030’s goals, with at least 3 percent contribution to the GDP. Investor confidence is seen as a key success factor for maintaining this progress.
On a global scale, cultural investments total around $2.3 trillion annually, representing 3.1 percent of global economic output.
As Saudi Arabia develops its cultural sector, it becomes an integral part of the country's strategy to diversify the economy.
The goal under Vision 2030 aims to increase the number of graduates in cultural disciplines to 255,000 and create over 346,000 jobs.
The sector has shown strong performance, with small and medium-sized enterprises (SMEs) contributing significantly, employing around 234,000 individuals as of 2023, an increase from 2021.
The Cultural Development Fund is playing a crucial role in empowering entrepreneurs by supporting development programs for both men and women.
It aims to bridge the financing gap, inject SR13.8 billion into the sector in partnership with the private sector, and create 30,000 jobs.
Cultural investment funds are financing various sectors such as fashion, film, and culinary industries, which are projected to increase in value between SR31.9 billion and SR34.8 billion by 2030.
The film industry is expected to offer lucrative returns for investors, having already attracted over SR3.5 billion, with ticket revenues reaching around SR900 million annually.
Prince Badr emphasized the invaluable asset of Saudi artists in cultural investment, praising their ability to engage with global audiences creatively and innovatively.
Cultural and artistic academies are being established to support these artists' careers, including the upcoming Riyadh University of the Arts.
As Saudi Arabia continues to nurture its cultural sector, diverse sectors such as fashion, film, and job opportunities for investments are flourishing.
The Kingdom's efforts have solidified its position as an influential and transformative asset globally.
