Prime Highlights:
- Saudi Arabia’s cultural sector has attracted $500 million in foreign investmentand 1,700 international investors, signaling rapid growth and global interest.
- The government is positioning culture as a core part of Saudi Vision 2030, aiming to make the Kingdom a global cultural hub.
Key Facts:
- The cultural sector currently employs around 235,000 peopleand plans to triple its economic contribution by 2030, partly through cultural exports.
- The Ministry of Investment has identified 40 investment opportunitiesin culture, listed on the Invest Saudi platform, to encourage both local and international investment.
Key Background:
Saudi Arabia’s cultural sector is witnessing a surge in global investment, attracting $500 million in foreign funding and engaging 1,700 non-Saudi investors, according to Minister of Investment Khalid Al-Falih. The announcement was made during the inaugural Cultural Investment Conference held at the King Fahd Cultural Center in Riyadh.
Minister Al-Falih highlighted that the Kingdom’s push to become a global cultural hub is gaining momentum. “We have today over 50,000 investors in the Kingdom, Saudi and international, focused on culture and creative industries,” he said. He emphasized that investment in the sector has grown rapidly over the past six to seven years, with foreign investment accelerating in arts, entertainment, events, and creative projects.
The two-day conference, hosted by the Ministry of Culture, gathered investors, cultural leaders, and policymakers from around the world. It highlighted Saudi Arabia as a key destination for cultural investment and an important part of the Saudi Vision 2030 plan to diversify the economy.
Minister Al-Falih stressed the importance of culture to the nation’s identity, stating, “If you don’t have a soul as a country and as a society, you’re a no country. Riyadh and the Kingdom have become a cultural hub.” The upcoming Riyadh Season was cited as a key example of this cultural drive.
Saudi Arabia’s Minister of Economy and Planning, Faisal Alibrahim, reinforced the sector’s strategic significance. He said the cultural industry now employs about 235,000 people and aims to triple its contribution to the economy by 2030, partly through cultural exports.
The two ministers described a collaborative growth model, focusing on cooperation between investors, the government, and civil society. The Ministry of Investment has shared 40 opportunities in the cultural sector on the Invest Saudi platform.
Another example cited by the ministers was South Korea, which has been successful in exporting its culture to demonstrate the benefit of culture in terms of monetary gains as well as international publicity. According to the data provided by the Bank of Korea, the export of music, films, and games has already increased three times during the last 10 years, reaching up to $9.85 billion in 2024.
The Cultural Investment Conference, with over 38 panel discussions, shows Saudi Arabia’s goal to make culture a key part of the economy and a global cultural center.
