RIYADH: The Saudi Ministry of Culture signed a memorandum of understanding with Asyad Holding, leading a consortium that includes Spark Lab Saudi Arabia and Lamar Investment Holding, to develop a multi-purpose cultural landmark in Riyadh.
Announced at the Cultural Investment Conference 2025, the project is part of the government’s push to attract private sector investment into the Kingdom’s cultural sector and strengthen Riyadh’s position as a regional cultural hub.
The agreement aligns with the objectives of Saudi Arabia’s National Culture Strategy, which aims to make culture both a way of life and an economic driver, supporting Vision 2030 goals to diversify the Kingdom’s economy.
The landmark will house a talent and business incubator serving film, music, theater, and visual arts enterprises. It will offer access to tools, equipment, and spaces for production, innovation, and creative development, while helping cultural entrepreneurs market their work and expand their reach.
The initiative aims to boost the sector’s sustainability and create new investment opportunities with strong economic potential.
Under the MoU, the consortium and the Ministry will also collaborate on developing new programs to foster sectoral growth and establish partnerships with leading companies and international experts in cultural industries.
The agreement represents one of the Ministry of Culture’s efforts to encourage private sector participation in the cultural sector, creating diverse investment opportunities that maximize the value of cultural assets and advance the objectives of the National Culture Strategy.
