RIYADH: The Cultural Development Fund, a key financial enabler of the Kingdom’s cultural sector, signed five agreements on Tuesday in Riyadh with leading local banks Al-Rajhi Bank, Alinma Bank, Banque Saudi Fransi, Arab National Bank, and Bank AlJazira.
These agreements will support the upcoming launch of the first financing solution of its kind in the Kingdom, aimed at bridging the public, private and nonprofit sectors to drive the cultural sector’s growth and sustainability.
The Cultural Development Fund has announced the signing of five cooperation agreements with local banks. (Supplied/CDF)
The fund plans to sign additional agreements with leading banks to diversify financing channels for the cultural sector. Through these partnerships, the fund will offer financing solutions for micro, small and medium-sized cultural enterprises, marking a significant step in sector-specific financing.
The fund will soon unveil financing options for enterprises in all cultural sub-sectors, aimed at stimulating the growth of cultural businesses and increasing private sector contributions to economic diversification.
Ibraheem Al-Sinan, head of editorial at Raff Publishing, said: “This signing is a strategic step toward enhancing and sustaining the cultural economy. The cultural sector is a key component of the creative economy, contributing directly to economic growth and income diversification.”
The Cultural Development Fund has announced the signing of five cooperation agreements with local banks. (Supplied/CDF)
Al-Sinan added that the agreements provide funding to support cultural projects, increase investment opportunities and reduce financial risks. This funding helps grow social and cultural capital, enabling publishers and creators to develop high-quality content, boosting the sector’s competitiveness locally and internationally, and contributing to GDP growth.
“These initiatives also create new jobs in the cultural market, positively impacting unemployment and supporting long-term sector sustainability,” Al-Sinan said.
Mohammed Al-Furaih, director of Obeikan Publishing, said diversifying funding sources and providing innovative solutions will empower cultural institutions to continue and expand.
He added that launching the first-of-its-kind financing solution in the Kingdom represents a major shift in sectoral financing, providing solutions tailored to the needs of micro, small and medium-sized cultural institutions.
The partnerships between the fund and the banking sector highlight their shared interest in enhancing the private sector’s role in achieving economic diversity and sustainability in the cultural sector, Al-Furaih said.
