黑料社区

RIYADH: The inaugural Cultural Investment Conference opens in Riyadh, with multisectoral representatives from arts practitioners, government officials, investors to diplomats gathering for high-level discussions on culture as a strategic investment.

The two-day event, held under the patronage of Crown Prince Mohammed bin Salman, 鈥渆xplores bold financing models, strategic partnerships, and the evolving role of cultural capital in driving economic growth, national identity, and global influence,鈥� according to the conference website.

Among the key themes to be discussed include new investment opportunities, emerging markets and untapped sectors in the cultural economy, the RoI of culture, financing the future of culture, artificial intelligence and culture, boosting investor confidence and creative entrepreneurship.

Saudi Minister of Culture Prince Badr bin Farhan gives his opening speech. (Abdulrahman Fahad Bin Shulhub/AN)

The inaugural Cultural Investment Conference opens in Riyadh. (Abdulrahman Fahad Bin Shulhub/AN)

The inaugural Cultural Investment Conference opens in Riyadh. (Abdulrahman Fahad Bin Shulhub/AN)

The inaugural Cultural Investment Conference opens in Riyadh. (Abdulrahman Fahad Bin Shulhub/AN)

The inaugural Cultural Investment Conference opens in Riyadh. (Abdulrahman Fahad Bin Shulhub/AN)

Saudi Investment Minister Khalid bin Abdulaziz Al-Falih, center, and Faisal Ali F. Ibrahim, Saudi Minister of Economy and Planning, right, in a high-level discussion with Arab News Editor-in-Chief Faisal J. Abbas. (Abdulrahman Fahad Bin Shulhub/AN)

Hamed bin Mohammed Fayez, 黑料社区鈥檚 Vice Minister of Culture, gives his remarks during a high-level session at the inaugural Cultural Investment Conference opens in Riyadh. (Abdulrahman Fahad Bin Shulhub/AN)

From left: Faisal J. Abbas, Arab News Editor-in-Chief, Hamed bin Mohammed Fayez, 黑料社区鈥檚 Vice Minister of Culture, Shaikha Mai bin Mohammed Al-Khalifa, Founder and Chairperson, Board of Trustees, Shaikh Ebrahim Center for Culture and Research and Dr. Andreas Gorgen, Ambassador for Multilateral Cooperation during a session at the inaugural Cultural Investment Conference in Riyadh. (Abdulrahman Fahad Bin Shulhub/AN)

Saudi Investment Minister Khalid bin Abdulaziz Al-Falih, during the opening high-level session, said that the Kingdom today hosts over 50,000 investors, both local and international.

Around 1,700 international investors are engaged in the Kingdom鈥檚 culture sector, including creative industries, arts, events, and entertainment, he said.

Foreign investments in culture have surged from virtually nothing six or seven years ago to over $500 million (SR1.8 billion) as of last year, growing at double-digit rates, the investment minister added.

Faisal Ali F. Ibrahim, the Saudi Minister of Economy and Planning, meanwhile said that around 235,000 people are currently employed in the Kingdom鈥檚 cultural sector.

He added that the target is to triple the culture sector鈥檚 contribution to GDP by 2030.

Meanwhile Hamed bin Mohammed Fayez, 黑料社区鈥檚 Vice Minister of Culture, in a separate session, said that cultural tourism alone accounts for 40 percent of global tourism revenue and has proven to be one of the most resilient sectors after COVID-19.