{"id":76365,"date":"2025-09-29T02:09:00","date_gmt":"2025-09-29T02:09:00","guid":{"rendered":"https:\/\/gulftimes.ae\/zakat-authority-and-culture-ministry-sign-cooperation-agreement\/"},"modified":"2025-09-29T02:09:00","modified_gmt":"2025-09-29T02:09:00","slug":"zakat-authority-and-culture-ministry-sign-cooperation-agreement","status":"publish","type":"post","link":"https:\/\/gulftimes.ae\/?p=76365","title":{"rendered":"\u00a0Zakat Authority and Culture Ministry sign cooperation agreement\u00a0"},"content":{"rendered":"
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\n\tRIYADH: Saudi Arabia\u2019s push to become a global cultural hub is accelerating, with the Kingdom now home to over 50,000 investors and having attracted nearly half a billion dollars in foreign investment.\u00a0<\/p>\n
\n\tThe capital is being injected specifically into the burgeoning culture and entertainment sector, Minister of Investment Khalid Al-Falih revealed at the inaugural Cultural Investment Conference in Riyadh.\u00a0<\/p>\n
\n\tDuring the conference\u2019s first panel, which was moderated by Arab News\u2019 Editor-in-Chief Faisal J. Abbas, the minister detailed the rapid growth of the cultural economy.\u00a0<\/p>\n
\n\t\u201cI can tell you from nothing \u2014 six, seven years ago \u2014 we have today over $500 million, SR1.8 billion ($480 million) in foreign investments in culture as of last year, so it is accelerating as we go, growing at double digit,\u201d he stated.\u00a0<\/p>\n
\n\tHe further specified that a significant portion of this investment is coming from abroad, noting: \u201cI\u2019m happy to say that we have 1,700 international investors that are investing in culture, creative, arts, events, entertainment, and all of the things that we classify under this very broad definition of culture.\u201d\u00a0<\/p>\n \n\t
\n\t\tThe two-day Cultural Investment Conference will feature over 38 panel discussions. AN<\/figcaption>
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\n\tThe conference, organized by the Ministry of Culture and held at the King Fahd Cultural Center, drew a global audience of investors, cultural leaders, and decision-makers. The event aims to position the Kingdom as a leading destination for cultural investment, a key pillar of its Saudi Vision 2030 economic diversification plan. \u00a0<\/p>\n
\n\tMinister Al-Falih framed the cultural investment as essential to the nation\u2019s identity and appeal. \u201cIf you don\u2019t have a soul as a country and as a society, you\u2019re a no country. Nobody will want to come and visit,\u201d he said, adding that \u201cRiyadh and the Kingdom has become a cultural hub,\u201d with the upcoming Riyadh Season event as a prime example.\u00a0<\/p>\n
\n\tThis drive is a core component of Saudi Vision 2030\u2019s Quality of Life Program, which aims to enhance cultural offerings, entertainment, and overall livability for citizens and residents.\u00a0<\/p>\n
\n\tEchoing this sentiment, Faisal Alibrahim, Saudi Arabia\u2019s minister of economy and planning, emphasized the strategic priority of the sector.<\/p>\n
\n\t\u201cFor the Kingdom of Saudi Arabia, this\u00a0is pivotal for the first wave of economic diversification that we witnessed,\u201d Alibrahim said.\u00a0<\/p>\n
\n\tHe revealed that the cultural sector already employs approximately 235,000 people, with the target being to triple the sector\u2019s contribution to the economy by 2030, driven significantly by exports.\u00a0<\/p>\n
\n\tBoth ministers outlined a collaborative model for growth. Al-Falih described a focused approach to creating a triangle between investment by investors, government support, and government direct investment in the sector, along with the third category, civil society. \u00a0<\/p>\n
\n\tHe noted that the Ministry of Investment has already developed 40 specific investment opportunities in the sector, which are listed on the Invest Saudi platform.\u00a0<\/p>\n
\n\tMinister Alibrahim highlighted that in the formative years of Vision 2030, spending on culture was \u201cequally as important as, and maybe even more important than\u201d traditional budget items.\u00a0<\/p>\n
\n\tHe went on to link cultural development to the Kingdom\u2019s global reputation, saying: \u201cPeople remember generosity, and today are seeing an increase in the quality of the user experience when you interact with the Kingdom.\u201d\u00a0<\/p>\n
\n\tThe minister highlighted the culture sector\u2019s need for entrepreneurs, not only large corporations. Using South Korea as a model, he explained how its rapid diversification led to a boom in cultural exports, a form of soft power that even inspired Saudis to learn the language.\u00a0<\/p>\n
\n\tBank of Korea data shows that the country\u2019s intellectual property exports, which includes music, films, and games,\u00a0more than tripled over the last decade to reach $9.85 billion in 2024.\u00a0<\/p>\n
\n\tThe two-day Cultural Investment Conference, featuring over 38 panel discussions, marks a significant step in Saudi Arabia\u2019s strategy to empower its cultural sector as a dynamic economic engine and strengthen its cultural presence on the world stage.\u00a0<\/p>\n<\/p><\/div>\n