Saudi Cultural Fund Unveils USD 933 Million for Creative Industries
The announcements included three new investment funds for film, fashion and cultural assets.
The Cultural Development Fund unveiled 28 agreements and announcements totalling USD 933 million during the inaugural Cultural Investment Conference in Riyadh, aiming to expand Saudi Arabia’s cultural economy and draw in private sector participation.
The announcements included three new investment funds. A USD 100 million Saudi Film Fund will be anchored by the Cultural Development Fund in partnership with BSF Capital, with a mandate to invest in film projects and studio facilities in Saudi Arabia and abroad in collaboration with a leading global production company.
A USD 80 million Fashion Investment Fund, launched with Merak Capital and described as the Kingdom’s first dedicated fashion fund, will back local and regional companies and supply chains.
A third fund valued at USD 227 million was launched by the Cultural Assets Group, supported by USD 53 million in financing from the Cultural Development Fund, to invest across visual arts, fashion, digital content, experience design and emerging technologies, integrating public and private capital to localise intellectual property and attract international companies.
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