RIYADH, Oct 2 (NNN) — A series of new cultural investment projects were announced at the two-day Cultural Investment Conference, which concluded in Riyadh on Tuesday, including partnerships between Saudi and Chinese companies.
The event, organized by the Saudi Ministry of Culture, saw the signing of 89 agreements worth an estimated 5 billion Saudi riyals (1.33 billion U.S. dollars), a move expected to boost the kingdom’s cultural and creative economy, according to Saudi officials.
Among the agreements, the Saudi Cultural Development Fund announced the launch of the kingdom’s second private investment fund in the film sector, with a capital of 375 million riyals, in partnership with BSF Capital.
Cultural Assets Group announced the launch of the Osoul Private Investment Fund, valued at 850 million riyals. Its CEO Abdulaziz Musaed Al-Sulaim said the fund will focus on visual arts, fashion, cultural retail, digital content, interactive media, and modern technologies.
During the conference, Saudi company Jizaal signed a partnership agreement with China’s Silkroad Visual, valued at 50 million riyals. Their cooperation will focus on digital museum exhibitions, interactive technologies, enhancing museum experiences, and the transfer of knowledge and expertise.
Chinese company Ori Group announced the establishment of a regional headquarters in Saudi Arabia, along with an investment of over 2 billion riyals. The company will focus on film, education, fashion, tourism, and cultural events.
The Saudi Ministry of Culture revealed that since the launch of Saudi Vision 2030 in 2016, it has allocated over 81 billion riyals to cultural infrastructure, with contributions from the public, private, and non-profit sectors.
According to Saudi Minister of Economy and Planning Faisal Alibrahim, the kingdom is training 5,000 individuals and supporting thousands of students in cultural fields under Saudi Vision 2030, noting that such investment enhances the quality of Saudi products and the visitor experience.