Saudi Ministry of Culture signs MoU with ROSHN to further develop cultural sector  

Short Url
Updated 19 December 2022
Follow

Saudi Ministry of Culture signs MoU with ROSHN to further develop cultural sector  

RIYADH: In an attempt to preserve and further develop Saudi Arabia’s cultural sector, the Kingdom’s Ministry of Culture has signed a memorandum of understanding with national property developer ROSHN Real Estate. 

Through strategic collaborations, the ministry looks to further develop the Kingdom’s cultural system and raise the level of efficiency and effectiveness of the sector as a whole, said Deputy Minister of Culture Hamid Fayez. 

The agreement includes strategic sponsorship that falls in line with the activities and cultural sponsorship programs launched by the Ministry of Culture, according to a press statement. 

Moreover, ROSHN CEO David Grover said the MoU also cements the company's efforts to preserve and further develop the Kingdom's ancient heritage.  

Under the new MoU, the Public Investment Fund-owned developer is planning a number of worldwide cultural programs as well as events for 2023 to enrich the lives of citizens across Saudi Arabia, the press release added. 

In turn, those programs and events will contribute to the growth of the Kingdom’s cultural sector as well as the sustainability of cooperation between both ROSHN and the Ministry of Culture, it added. 

Under the terms of the agreement, both parties will work together to develop campaigns targeting groups of society aimed at creating a cultural heritage along with rich experiences for Saudi society. 

The MoU comes amid efforts by the Ministry of Culture to propel the Kingdom’s cultural sector through collaborations with various governmental, private, and non-profit sectors. 

Earlier this year, the Ministry of Culture signed an MoU with Diriyah Gate Development Authority to cultivate cooperation in the preservation of Saudi cultural heritage.  

The agreement between the ministry and DGDA was signed by the Minister of Culture Badr bin Abdullah bin Farhan, and the Minister of Tourism and Secretary-General of the authority, Ahmed bin Aqeel Al-Khatib.  

Badr said: “We are delighted to sign this MoU with DGDA; a clear attestation to the synergies and strong collaboration between our two teams. Partnerships such as these are fundamental to our collective mission to support the development and preservation of the cultural ecosystem here in Saudi Arabia.”  

The agreement included multiple aspects of cooperation between the ministry and the DGDA, the most prominent of which was the collaboration in the development of cultural infrastructure with different assets that serve the cultural and artistic sector located within Diriyah. 


Closing Bell: Saudi main index closes in green at 10,917 

Updated 19 January 2026
Follow

Closing Bell: Saudi main index closes in green at 10,917 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 4.86 points, or 0.04 percent, to close at 10,917.04. 

The total trading turnover of the benchmark index was SR3.95 billion ($1.05 billion), as 102 of the listed stocks advanced, while 147 retreated. 

The MSCI Tadawul Index increased, up 0.54 points, or 0.04 percent, to close at 1,467.06. 

The Kingdom’s parallel market Nomu lost 85.41 points, or 0.36 percent, to close at 23,357.50. This comes as 19 of the listed stocks advanced, while 46 retreated. 

The best-performing stock was Tourism Enterprise Co., with its share price surging by 10 percent to SR13.53. 

Other top performers included Al Yamamah Steel Industries Co., which saw its share price rise by 8.64 percent to SR39.22, and Anaam International Holding Group, which saw a 4.05 percent increase to SR12.59. 

Alramz Real Estate Co. saw its share price rising by 3.95 percent to close at SR61.85, while Umm Al Qura for Development and Construction Co. closed at SR18.08, marking a 3.67 percent increase in share price. 

On the downside, the worst performer of the day was Saudi Industrial Export Co., whose share price fell by 3.72 percent to SR2.59. 

ACWA Power Co. saw its share price fall 3.54 percent to SR177.20, while Naseej International Trading Co. declined 3.08 percent to SR29.56. 

Moreover, the share price of Rabigh Refining and Petrochemical Co. dropped 2.95 percent to close at SR6.57, while Nice One Beauty Digital Marketing Co. saw its share price dropping 2.65 percent to SR17.97. 

On the announcement front, Alinma Capital has declared a cash dividend distribution totaling SR6.55 million for unitholders of the Alinma Saudi Government Sukuk ETF Fund.  

The dividend, covering the period from July to December, amounts to SR0.162 per unit and represents approximately 1.56 percent of the fund’s net asset value as of Jan. 15.  

Its share price closed at SR10.42 on the main market, marking a 0.1 percent increase. 

Also, Itmam Consultancy Co. has been awarded a significant project by the Digital Government Authority to develop digital investment skills within the public sector.  

The contract, officially granted on Jan. 19, is valued at more than 5 percent of the company’s total 2024 revenue.  

According to a statement, the program aims to equip government employees with the expertise needed to enhance digital government investment efficiency, focusing on software license development aligned with legal and technical standards.  

Its share price remained unchanged on Nomu at SR16.40.