Saudi Arabia`s Cultural Development Fund (CDF) recently unveiled 28 contracts worth over SAR 3 billion (USD 933 million). The announcement was made during the inaugural Cultural Investment Conference (CIC) organised by the Ministry of Culture in Riyadh. It covered investment and financing solutions, including agreements to establish three investment funds, with CDF acting as an anchor investor.
Fashion, Film And Cultural Investment Funds To Be Launched
The initial fund is the SAR 375 million (USD 100 million) Saudi Film Fund, where CDF has partnered with BSF Capital. The second fund sees CDF partner with Merak Capital to launch the SAR 300 million (USD 80 million) Fashion Investment Fund. In addition, the third fund, valued at SAR 850 million (USD 227 million), was launched by the Cultural Assets Group. It was financed by the CDF with SAR 200 million (USD 53 million) in order to promote the cultural sector.
Furthermore, the Saudi financial enabler also announced the launch of a co-lending product worth over SAR 1 billion (USD 266 million). It recently partnered with five financial institutions to introduce five new financing products under its Cultural Finance initiative. These agreements will expand access to funding and business opportunities for cultural entrepreneurs and micro, small and medium enterprises (MSMEs). The signed agreements reflect commitment to advancing public–private partnerships using risk-sharing mechanisms and co-financing models to channel new capital flows. Accordingly, they will encourage a thriving globally competitive cultural sector which generates investment and employment while contributing to sustainable development.
Funds Align With The National Culture Strategy And Vision 2030
These efforts align with the National Culture Strategy and Vision 2030, which aim to increase private sectors share to 65%. Further goals aim to raise the cultural sector’s contribution to GDP to 3%, while diversifying the Kingdom’s economy. The Cultural Assets Group’s Fund will make investments across visual arts, fashion, digital content, experience design and emerging technologies.
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