RIYADH — The Cultural Development Fund (CDF) and Riyad Bank signed a memorandum of understanding to develop initiatives to support the development of business potentials in the cultural sector.

The memorandum of understanding was signed on Tuesday at the King Fahd Cultural Center by the CEO of the fund Mohammed Bin Dale and the CEO of Riyad Bank Tariq Al-Sadhan.

The memorandum aims to design initiatives that serve the growth and development of eight business enablers and projects, so that two types of financial and non-financial programs are designed for each enabler.

The eight business enablers include foundational, operational, logistical, human, system solutions, procedural, intelligence and innovation, and partnerships enablers.

The CEO of the Fund Dale said that the signing of the memorandum comes within the framework of joint cooperation with a number of authorities in the financial sector.

The CEO stressed that the authorities prioritized studying and developing financial initiatives and programs for the business sectors that help implement projects in cultural activities and events.

He also pointed out that a work team would be established from both parties to design work models that implement the initiatives, in cooperation and partnerships with several parties.

The teams will work on integrating and implementing the initiatives that will be adopted from the outputs of the cooperation project with Riyad Bank.

It is noteworthy that the Cultural Development Fund aims to contribute to supporting and developing cultural sectors, stimulating the general cultural scene, participating in enabling the cultural strategy.

The CDF goal is to support the cultural sector, and establishing road maps that provide solutions and specialized business models that align with Saudi Arabia’s Vision 2030.