‘Culture: Our Greatest Wealth’ 
The Saudi Royal Court usually hosts official receptions for state visitors at Al-Yamama Palace in Riyadh. However, Prince William’s reception was different, as it was held in Diriyah.
Known as the birthplace of the First Saudi State, Diriyah holds significant historical and cultural importance. This UNESCO World Heritage Site was the original residence of the Al-Saud royal family and served as the capital of the First Saudi State in the 18th century. It includes At-Turaif district, which is known for its striking mudbrick architecture in the traditional Najdi style.
Diriyah has been transformed into a cultural center through extensive conservation efforts as part of the Kingdom’s Vision 2030. Today it is home to museums, galleries and cultural events that celebrate the region’s history, art and traditions. It also serves as a hub for cultural exchange, welcoming international visitors and events that showcase Saudi Arabia’s heritage.
Prince William’s visit not only strengthened the long-standing ties between the two kingdoms but also provided the heir to the British throne with a platform to promote the universal importance of cultural heritage in a rapidly changing world. His engagement with Saudi Arabia’s cultural revival reflects his view of culture as a unifying force that transcends borders.
Prince William’s visit not only strengthened the long-standing ties between the two kingdoms but also provided the heir to the British throne with a platform to promote the universal importance of cultural heritage in a rapidly changing world
Investing in culture is crucial not only for preserving heritage and fostering creativity but also for its substantial economic benefits. Cultural investment can generate significant financial gains by boosting tourism, creating jobs and supporting related industries.
Cultural heritage sites, museums, festivals and artistic events attract millions of tourists each year. For example, countries such as Italy, France and Egypt earn billions of dollars from visitors to their cultural landmarks. Similarly, Saudi Arabia’s investments in sites like Diriyah and AlUla are expected to attract millions of visitors and generate revenue through tourism.
The BMG Economic Forum at the London Stock Exchange, with Diriyah Co. as a strategic partner, is recognized for addressing global economic challenges and opportunities. Its 18th edition, in July, will play a key role in emphasizing the importance of culture as a vital economic and social asset.
The forum will feature panels on the economic impact of cultural investments, highlighting successful projects worldwide, such as the transformation of Diriyah. It will also include innovative investments such as camels breeding and trading. Furthermore, it will explore how sustainable tourism can preserve cultural heritage while providing economic benefits.
Under the theme "Culture: Our Greatest Wealth," the forum will emphasize the importance of culture as a dynamic, multifaceted asset that fosters economic prosperity, social cohesion, and global connections. By doing so, it aims to inspire policymakers, investors and cultural leaders to prioritize cultural investment as a key element of sustainable development.
• Basil M.K. Al-Ghalayini is chairman and CEO of BMG Financial Group.
