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Under the generous patronage of Crown Prince Mohammed bin Salman, the first edition of the Cultural Investment Conference took place at the end of September, reflecting the scale of growth the cultural sector has witnessed in recent years. The event saw the signing of 89 agreements worth nearly SR5 billion ($1.3 billion), amid a large presence of international investors, fund managers and company heads. This demonstrates the Kingdom’s ability to shape the future direction of cultural investment and sustainable creative production.

Amid the rapid transformations taking place in the cultural sector and the unprecedented challenges they have brought, the conference emerged as a Saudi initiative aimed at contributing to envisioning the sector’s future, stimulating investments and creating promising opportunities in the cultural field.

Global indicators underscore the importance of creative and cultural industries as an economic and investment pillar for countries around the world, with cultural investment reaching an estimated $2.3 trillion annually, representing 3.1 percent of the world’s total output.

Given the vastness of the global creative and cultural industries market and its doubled growth over the past two decades, the Saudi cultural sector has received substantial and unprecedented support from King Salman and the crown prince. This has made the cultural sector one of the fastest-growing in the Kingdom. The sector’s journey in ºÚÁÏÉçÇø has witnessed qualitative leaps thanks to the launch of Vision 2030, the establishment of the Ministry of Culture, the unveiling of the National Cultural Strategy and the creation of 11 cultural commissions covering various domains.

This support has been reflected in the results achieved by the sector since the announcement of Vision 2030

Prince Badr bin Abdullah bin Farhan

This support has been reflected in the results achieved by the sector since the announcement of Vision 2030. Before 2018, the cultural sector’s contribution to gross domestic product did not exceed SR30 billion. Today, we see the Saudi cultural sector transforming from a supporting sector into a fundamental economic driver. We are now closer than ever to achieving our ambitious goal of raising the sector’s contribution to 3 percent of GDP.

In 2023, the sector contributed approximately SR60 billion to GDP, while the financial support flowing into the cultural sector in 2024 reached about SR7.1 billion. Meanwhile, investments in ºÚÁÏÉçÇø’s cultural infrastructure have reached levels unprecedented in the country’s history, exceeding SR81 billion.

Thanks to the package of initiatives led by the government and driven by Vision 2030, the number of workers in the cultural sector has surged to 234,000. The growth rate of graduates in cultural specializations exceeded 79 percent last year, while the number of specialists in cultural fields increased by 65 percent. Moreover, initiatives dedicated to developing cultural capabilities accounted for 25 percent of the Ministry of Culture’s total initiatives, surpassing 500 in a short period of time.

The private sector has also achieved an unprecedented presence in the cultural field in recent years. For instance, the number of companies operating in the cultural sector surpassed 51,000 in 2023, an increase of 23.6 percent since 2021. The sector received direct support amounting to SR377 million last year, while the number of cultural projects funded by the Cultural Development Fund — through its various financial solutions — reached 150, with a total value exceeding SR508 million. These projects varied between financing, investment and grants.

Additionally, through its developmental solutions, the Cultural Development Fund has empowered 1,517 entrepreneurs across various cultural sectors. The fund aims to bridge 45 percent of the financing gap, inject about SR13.8 billion of financial support in partnership with the private sector and create 30,000 jobs.

The number of cultural organizations, institutions and amateur clubs in the nonprofit sector has risen sharply, from 28 in 2017 to 1,499. Participation in cultural activities has also increased across all segments of society. Between 2021 and 2024, domestic attendance at cultural events surged to more than 23.5 million visitors, surpassing the 2030 target of 22 million.

Furthermore, the number of cultural assets in the Kingdom has increased and the sector has witnessed the emergence of new actors, including ambitious and prominent museums, centers, and cultural and artistic galleries. These include Diriyah Art Futures, the Diriyah Biennale, the Islamic Arts Biennale, JAX District and the Red Sea International Film Festival, among others.

With the significant growth of the Saudi cultural sector, investment opportunities have become substantial and promising

Prince Badr bin Abdullah bin Farhan

With the significant growth of the Saudi cultural sector, investment opportunities have become substantial and promising. Investment in the cultural sector has jumped to SR1.8 billion, including 1,700 international investments, in addition to numerous other major cultural opportunities available to investors. This reinforces our belief within the cultural ecosystem in the vital role of the private and nonprofit sectors in partnering with us on this journey.

By 2030, the goal is to increase the number of visitors to cultural events and sites, raise the number of graduates in cultural disciplines to 255,000, raise the sector's contribution to 3 percent of GDP, create more than 346,000 jobs and reach cultural export values of SR24 billion.

In addition, various aspects of the cultural sector have made significant strides in their contribution to GDP. For instance, investments in cinematic infrastructure exceed SR3.5 billion, generating annual revenues of up to SR900 million in ticket sales. By 2030, demand in the fashion, film and culinary arts sectors is projected to range between SR31.9 billion and SR34.8 billion.

The demand for cultural financial support is expected to range between SR75 billion and SR85.1 billion by 2030. This creates investment opportunities for private capital estimated between SR25.1 billion and SR34.8 billion to help meet this need. This positive momentum in the sector’s growth highlights the strength of ºÚÁÏÉçÇø’s cultural sector and its ability to attract both local and international investment, particularly given the priorities of the Saudi cultural model in strengthening infrastructure and improving policies, incentives and regulatory systems.

It is important to highlight the greatest and most significant gain in cultural investment: the Saudi creative, who has been, and will remain, the capital of culture, its driving force and its primary source of energy. Cultural investment begins with the mind of the Saudi creative and their ability to understand their culture and express it, both at home and abroad, in a way that reflects the nation’s stature, traditions and vision.

From the era of the pioneers to the present day, many brilliant minds from this land have produced significant works. With the development of future creators, beginning in the academies of culture and arts and crowning with the Riyadh University of Arts, we are investing in the Saudi creative as an essential pillar of cultural investment, building a generation that will carry forward the renaissance of the Kingdom’s culture.

• Prince Badr bin Abdullah bin Farhan is Minister of Culture and Chairman of the Saudi National Committee for Education, Culture and Science.