Saudi Arabia to open region’s first cultural university in 2026

Saudi Culture Minister Prince Badr bin Abdullah Al-Saud speaks at the Cultural Investment Conference in Riyadh on Monday.
Short Url
Updated 29 September 2025
Follow

Saudi Arabia to open region’s first cultural university in 2026

RIYADH: Saudi Arabia will establish the Middle East and North Africa’s first cultural university as it steps up investment in its creative economy. 

Minister of Culture Prince Badr bin Abdullah Al-Saud unveiled the Riyadh University of Arts at the Cultural Investment Conference, saying the institution will begin operations in 2026. The university will focus on practice-based learning and global academic partnerships, with scholarships available to support emerging talents. 

The initiative is part of Saudi Arabia’s broader efforts to nurture the cultural and creative industries in line with Vision 2030.

On its official X handle, the ministry stated: “During his speech at the Cultural Investment Conference 2025, HH Badr bin Abdullah Al-Saud, Minister of Culture, announced the launch of Riyadh University of Arts, the first cultural university in the Middle East and North Africa.”  

“RUA aims to champion creative learning with a teaching philosophy grounded in practice and project-based learning, and partnerships with internationally renowned academic partners in the various cultural disciplines,” the post added.   

The university’s vision is “to be the inspiring beacon of knowledge for future generations, integrating culture and arts, empowering students to discover passions and develop talents, fostering creativity and cultural exchange.”  

According to the post, the university's mission is to “cultivate an innovative educational environment in culture and arts, delivering cutting-edge programs that foster cultural and artistic engagement, enriching both the Saudi and global communities.”  

RUA’s campus in Irqah district will host 13 colleges across disciplines such as film, music, cultural management, visual arts and photography, culinary arts, heritage studies, and more.   

The first batch of academic programs will be launched under three colleges: the College of Theater and Performing Arts, the College of Music, and the College of Film. These will operate in collaboration with international cultural education institutions.  

The university will offer a wide range of academic credentials, including diplomas, bachelor’s degrees, master’s degrees, postgraduate diplomas, Ph.Ds, and short courses. 

The launch reflects the Kingdom’s broader momentum in the cultural sector, which in 2024 attracted nearly 288,000 visitors to heritage-related events. Major attractions included the International Festival of Traditional Games in Riyadh, which drew more than 108,000 participants, and World Heritage Day, which welcomed over 54,000 visitors. Other initiatives such as the Diriyah-based Dirb Zubaida program, heritage village experiences, and traditional arts festivals, underscore the growing appetite for cultural and heritage activities.

These developments highlight the sector’s expanding role in promoting cultural awareness and safeguarding heritage.


GCC banks post record $16.6bn profit in Q3 on lending, revenue growth 

Updated 5 sec ago
Follow

GCC banks post record $16.6bn profit in Q3 on lending, revenue growth 

RIYADH: Gulf Cooperation Council banks posted a record $16.6 billion in net profit in the third quarter of 2025, an 11.6 percent increase from the same period a year earlier, according to an analysis., an analysis showed. 

Net profit at listed GCC banks also rose 2.2 percent from the previous quarter, marking the third consecutive quarterly increase, driven by broad-based revenue growth and improved cost efficiency, according to Kuwait-based Kamco Invest. 

The performance aligns with a projection made by accounting firm Ernst & Young in March, which said the GCC banking sector was poised for robust growth in 2025, supported by ongoing economic diversification and favorable global financial conditions. 

In its latest report, Kamco stated: “The sequential increase (of net profit) was once again mainly led by a broad-based increase in revenues for the sector and lower cost-to-income ratio that more than offset an increase in impairments during the quarter.”  

It added: “Loan impairments once again witnessed a double-digit increase, reaching a three-quarter high level of $2.6 billion during the third quarter of 2025 vs $2.4 billion during the second quarter of this year.”  

Aggregate banking sector revenues reached a new record high of $36.8 billion during the quarter, registering a three-quarter high sequential growth of 3.3 percent, according to Kamco Invest. 

Qatari banks recorded the strongest sequential revenue growth at 5.9 percent in the third quarter, compared to the previous three months. 

Bahrain-listed banks followed with revenue growth of 5 percent, while UAE-listed banks posted an expansion of 3.4 percent. 

Kuwaiti and Saudi-listed banks were next, with revenue growth of 3.3 percent and 2.1 percent, respectively. 

Lending activity among listed GCC banks rose by 3.7 percent in the third quarter, one of the strongest increases in more than four years, bringing net loans to $2.31 trillion by the end of September. 

“The growth (in lending) reflected resilient non-oil sector growth in the region with non-oil manufacturing consistently well above the growth mark for key economies in the region,” said Kamco Invest.  

Gross loans increased by 3.6 percent during the quarter to $2.41 trillion. 

The aggregate net loan-to-deposit ratio for the GCC banking sector remained elevated above 80 percent at the end of the third quarter, reaching a record high of 82.8 percent. 

Saudi banks posted a record loan-to-deposit ratio of 97.6 percent in the third quarter, up 330 basis points from the previous quarter, driven by higher lending and a decline in customer deposits. 

Qatari banks followed with a loan-to-deposit ratio of 91 percent in the third quarter, up from 90.3 percent in the previous three months. 

UAE-listed banks recorded an increase in the loan-to-deposit ratio for the second consecutive quarter after a decline in the first quarter. The aggregate ratio for the UAE banking sector stood at 69.4 percent — one of its highest levels, but still the lowest in the GCC.