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RIYADH: ��������’s Zakat, Tax and Customs Authority and the Ministry of Culture signed a cooperation agreement to enhance the organization, support, and sustainability of the Kingdom’s cultural sector. 

The agreement was signed by ZATCA Governor Suhail Abanmi and Deputy Minister of Culture Hamed Fayez during the Cultural Investment Forum 2025, held at the King Fahad Cultural Center.

Organized by the Ministry of Culture, the event will see the participation of more than 1,500 attendees and over 150 speakers of its two days.

Since the launch of Vision 2030, the cultural sector’s contribution to GDP has reached 1.6 percent, with the number of workers increasing to 234,000 and financial support approaching $2 billion in 2024. Infrastructure investment in the sector has surpassed SR81 billion. 

This first-of-its-kind forum in �������� aims to position the Kingdom as a leading global destination for cultural investment. 

The event also promotes culture as an attractive investment opportunity by presenting new funding models, forming strategic partnerships, and highlighting the role of cultural capital in driving inclusive and sustainable growth. 

JEDDAH: ��������’s cinema box office is already comparable in size to England’s with the right marketing, said Tony Vinciquerra, chairman of Sony Pictures Entertainment.

Speaking during a panel at the Cultural Investment Conference in Riyadh, Vinciquerra praised the Kingdom’s rapid progress in building a cinema market from scratch in just a few years. He described the growth as “crazy” and unprecedented in speed compared with other global markets. 

The Saudi Film Commission reported that 17.5 million cinema tickets were sold in 2024, generating SR845.6 million ($225 million) in box office revenues. 

Meanwhile, the General Authority for Statistics said 11 percent of Saudis over 15 visited cinemas last year, and the General Entertainment Authority logged nearly 77 million attendees at events in 2024 — underscoring the size of the broader entertainment ecosystem. 

Vinciquerra pointed to the surge in box office revenues and audience participation as evidence of strong underlying demand. 

“Will Smith came here. We made $28 million in box office, which is about what we are doing in England for a good film,” Vinciquerra said, citing Sony’s Bad Boys release in ��������. 

“So, that gives you an example of what could happen here if you have the right product and the right promotion and marketing,” he said, adding this is going to be “a terrific market in the future.”

The senior executive added that box office growth in �������� is extraordinary. “It’s one of the fastest-growing markets in the world, and the appetite for content is tremendous.” 

The Kingdom has also ramped up domestic production, with 17 Saudi films released in 2024, generating approximately SR76.6 million in revenue — a 19 percent increase from the previous year, according to the Saudi Film Commission's 2024 annual report. 

He added that what has been done in five years in �������� is what took other markets decades to achieve. “This country has massive curiosity and massive enthusiasm. That critical mass and momentum is essential to making an organization function the way it should.” 

Vinciquerra noted that the Kingdom’s embrace of cinema aligns with Vision 2030’s goals of diversifying the economy and enriching quality of life. He also emphasized the importance of experienced teams and government support in driving rapid progress. 

“The ministers in this country have been able to get people moving in the same direction,” he said.

Commenting on hiring the right people for the industry, he added: “Intelligence and experience are essential success factors, and having the right team in place can significantly drive progress.”