Saudi cultural fund complements private sector, says CEO

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Updated 22 November 2021
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Saudi cultural fund complements private sector, says CEO

RIYADH: Saudi Arabia’s Cultural Development Fund does not compete with the private sector, it complements its efforts to boost growth of the Kingdom’s cultural arena, the fund’s chief said on Monday.

Talking to CNBC Arabia, Mohammed A. Dayel said the fund does not make investments to raise capital, rather it focuses on the growth of the cultural sector.

It also assists the private sector by entering into investments deals in the secor, he added.

CDF aims to support 16 sectors which are included in the national strategy that aims to boost cultural activities in the Kingdom. 

The chief executive officer pointed out that the capital of the Saudi Cultural Fund Development amounts to SR500 million. 

CDF has signed deals with various public and private sector entities to help finance cultural projects, he added. 

The fund launched a program earlier this month with SR181 million ($48.2 million) allocations, to support 66 cultural projects.


India seals $3bn LNG agreement with UAE

Updated 19 January 2026
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India seals $3bn LNG agreement with UAE

  • Leaders hold talks to strengthen trade, defense ties

NEW DELHI, DUBAI: India signed a $3 billion deal on Monday to buy liquefied natural gas from the UAE, making it the Gulf country’s top customer, as the leaders of both countries held talks to strengthen trade and defense ties.

The agreement was signed during a very brief two-hour visit to ‌India by UAE ‌President Sheikh Mohammed bin Zayed Al-Nahyan for talks with Indian ‌Prime Minister Narendra Modi. 

They pledged to double bilateral trade to $200 billion in six years and form a strategic defense partnership.

Abu Dhabi state firm ADNOC Gas will supply 0.5 million tonnes of LNG a year to India’s Hindustan Petroleum Corp. for 10 years, the companies said.

ADNOC Gas said the agreement brings the total value of its contracts with India to over $20 billion.

“India is now the UAE’s largest customer and a ‌very important part of ADNOC Gas’ LNG strategy,” ‍the company said.

The UAE is ‍India’s third largest trading partner and Sheikh Mohammed was accompanied ‍by a government delegation that included his defense and foreign ministers. The two sides signed a letter of intent to work toward forming a strategic defense partnership, India’s Foreign Secretary Vikram Misri told reporters.

Misri, however, said that the signing of the letter of intent with the UAE does not mean that India will get involved in regional conflicts.

“Our involvement on the defense and security front with a country from the region does not necessarily lead to the conclusion that we will get involved in ‌particular ways in the conflicts of the region,” he said.