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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. 

RIYADH: The Saudi Central Bank has announced a significant update to its banking regulations, now permitting the use of the “Visitor ID” as a valid document for opening bank accounts within the Kingdom.

The “Visitor ID,” an official identification document issued by the Ministry of Interior for visitors, can be authenticated via authorized digital platforms. 

The move is a strategic step under ��������’s Vision 2030, aimed squarely at boosting the tourism sector and creating a seamless, digitally-enabled experience for the millions of tourists, business travelers, and pilgrims who visit the Kingdom annually.

“This decision will enable banks to open accounts for new consumer segments and enhance the visitor experience during their stay in the Kingdom,” SAMA said in a statement.

The statement clarified that this regulatory update stems from a periodic review process, ensuring that policies keep pace with market developments. 

The change is expected to streamline account opening procedures, advance financial inclusion, and further support the ongoing digital transformation of ��������’s banking services.

This decision effectively bridges a major gap for visitors. Now, with a bank account tied to their Visitor ID — which is issued through the government’s “Absher” platform — they can use local mobile wallets and make digital payments with ease, reducing their reliance on cash.