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RIYADH: ��������’s push to become a global cultural hub is accelerating, with the Kingdom now home to over 50,000 investors and having attracted nearly half a billion dollars in foreign investment. 

The capital is being injected specifically into the burgeoning culture and entertainment sector, Minister of Investment Khalid Al-Falih revealed at the inaugural Cultural Investment Conference in Riyadh. 

During the conference’s first panel, which was moderated by Arab News’ Editor-in-Chief Faisal J. Abbas, the minister detailed the rapid growth of the cultural economy. 

“I can tell you from nothing — six, seven years ago — we have today over $500 million, SR1.8 billion ($480 million) in foreign investments in culture as of last year, so it is accelerating as we go, growing at double digit,” he stated. 

He further specified that a significant portion of this investment is coming from abroad, noting: “I’m happy to say that we have 1,700 international investors that are investing in culture, creative, arts, events, entertainment, and all of the things that we classify under this very broad definition of culture.” 

The conference, organized by the Ministry of Culture and held at the King Fahd Cultural Center, drew a global audience of investors, cultural leaders, and decision-makers. The event aims to position the Kingdom as a leading destination for cultural investment, a key pillar of its Saudi Vision 2030 economic diversification plan.  

Minister Al-Falih framed the cultural investment as essential to the nation’s identity and appeal. “If you don’t have a soul as a country and as a society, you’re a no country. Nobody will want to come and visit,” he said, adding that “Riyadh and the Kingdom has become a cultural hub,” with the upcoming Riyadh Season event as a prime example. 

This drive is a core component of Saudi Vision 2030’s Quality of Life Program, which aims to enhance cultural offerings, entertainment, and overall livability for citizens and residents. 

Echoing this sentiment, Faisal Alibrahim, ��������’s minister of economy and planning, emphasized the strategic priority of the sector.

“For the Kingdom of ��������, this is pivotal for the first wave of economic diversification that we witnessed,” Alibrahim said. 

He revealed that the cultural sector already employs approximately 235,000 people, with the target being to triple the sector’s contribution to the economy by 2030, driven significantly by exports. 

Both ministers outlined a collaborative model for growth. Al-Falih described a focused approach to creating a triangle between investment by investors, government support, and government direct investment in the sector, along with the third category, civil society.  

He noted that the Ministry of Investment has already developed 40 specific investment opportunities in the sector, which are listed on the Invest Saudi platform. 

Minister Alibrahim highlighted that in the formative years of Vision 2030, spending on culture was “equally as important as, and maybe even more important than” traditional budget items. 

He went on to link cultural development to the Kingdom’s global reputation, saying: “People remember generosity, and today are seeing an increase in the quality of the user experience when you interact with the Kingdom.” 

The minister highlighted the culture sector’s need for entrepreneurs, not only large corporations. Using South Korea as a model, he explained how its rapid diversification led to a boom in cultural exports, a form of soft power that even inspired Saudis to learn the language. 

Bank of Korea data shows that the country’s intellectual property exports, which includes music, films, and games, more than tripled over the last decade to reach $9.85 billion in 2024. 

The two-day Cultural Investment Conference, featuring over 38 panel discussions, marks a significant step in ��������’s strategy to empower its cultural sector as a dynamic economic engine and strengthen its cultural presence on the world stage. 

KARACHI: A visiting International Monetary Fund (IMF) mission kicked off talks with Pakistani officials on Monday as it holds the second review of its $7 billion External Fund Facility (EFF) and first review of the $1.4 billion Resilience and Sustainability Facility (RSF) loan programs for the country, the lender confirmed. 

The IMF mission arrived in Pakistan on Sept. 25 to conduct the reviews. The global lender approved a $7 billion bailout package for Pakistan under its EFF program in September 2024 while in May, it approved a separate $1.4 billion loan for Pakistan as a climate resilience fund. The RSF will support Pakistan’s efforts in building economic resilience to climate vulnerabilities and natural disasters. 

“Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chairing the kick-off meeting with the visiting IMF Review Mission at the Finance Division today,” the IMF said in a statement, sharing pictures of the meeting between the two sides. 

The discussion takes place as Pakistan seeks concessions in its program targets following devastating floods that killed over 130 in its eastern Punjab province since late August, impacted over 4.5 million people and destroyed large swathes of crops. The devastation has spiked food prices in many parts of the country, with experts warning of food shortages due to supply chain disruptions. 

Prime Minister Shehbaz Sharif met the fund’s Managing Director Kristalina Georgieva in New York last week on the sidelines of the ongoing United Nations’ General Assembly session. During the meeting, Sharif spoke about Pakistan’s progress in fulfilling the IMF program targets but also demanded that the impact of recent floods on Pakistan’s economy “must be factored into the IMF’s review,“

Islamabad has so far received more than $2 billion under the EFF and is expecting a third tranche of $1 billion after the second review concludes successfully.

IMF’s bailout packages have proven instrumental in keeping Pakistan’s fragile $350 billion economy afloat, as the country grapples with tough economic conditions that have triggered a balance of payments crisis and weakened its national currency. 

Pakistan has undertaken painful measures in the past, such as removing subsidies that have resulted in higher food and fuel prices, spiking inflation in the country. Pakistani financial experts told Arab News last week they expected the global lender to grant Islamabad concessions as far as its program targets were concerned, in light of the damages inflicted by the recent floods. 

 “We are expecting Pakistan to get a little breather due to the floods,” economist Sana Tawfik said last week, adding that Islamabad would comfortably meet the international lender’s targets. 

Shankar Talreja, head of research at brokerage firm Topline Securities Ltd., said the current review will focus on continuing the IMF’s reforms under revised parameters due to the floods. He said the government is expected to keep pushing for privatization of state-owned enterprises and clearing its old backlog of circular debt.
 
“The concessions are likely in form of some downward revisions in FBR (Federal Board of Revenue) tax revenue, upward revision in fiscal balance over relief spending and there might a downward adjustment in GDP growth target as well,” Talreja said.