Saudi Gazette report

RIYADH — The Saudi Cultural Fund announced on Tuesday the signing of five cooperation agreements with the Saudi local banks as part of the Fund’s efforts as a major financial supporter of cultural projects and enabler of the cultural sector in Saudi Arabia.

The Fund will launch on Thursday a financing program, the first of its kind, to develop the cultural sector and integrate the private sector in providing financing solutions for establishments operating in various cultural and creative fields. The program is set to build strategic partnerships to link the public and private sectors with their non-profit counterparts, as well as to develop it, achieve its sustainability, and enhance its profitability.

The Saudi banks that will finance projects aimed to enrich the Saudi cultural scene include Al-Rajhi Bank, Alinma Bank, Banque Saudi Fransi (BSF), Arab National Bank and Bank Aljazira.

The Cultural Fund is set to announce on Thursday the launch of cultural financing and reveal details of the initiative that will contribute to providing financing solutions for establishments operating in all 16 cultural sectors. This initiative is aimed to encourage the establishments to continue their work, expand their growth, and enhance the private sector’s contribution to achieving economic diversity and sustainability in the cultural sector.

This initiative is related to the multiple initiatives that the Saudi cultural sector has enjoyed, and the promising opportunities to enhance its productions and achieve its sustainability. This is through launching qualitative initiatives and packages of support provided to institutions and entities operating in the cultural field so as to enhance their roles in the cultural scene and develop their productions in a competitive manner.

Since the establishment of the Cultural Fund in 2021, as a development fund linked to the National Development Fund, it has continued its work to develop the cultural sector and achieve sustainability by supporting cultural activities and projects, facilitating investment in cultural activities and enhancing the profitability of the sector, and enabling those interested to advance their cultural work, so that the Fund can play an effective role in achieving the goals of the National Strategy for Culture and the goals of Saudi Vision 2030.

The Fund seeks, during the coming period, to sign more agreements with banking sector institutions, to diversify funding sources and channels in the sector through its partnership with local banks. It also aims to provide financing solutions to micro, small and medium-sized cultural establishments.