• Saudi Arabia announces nearly USD 1B in cultural investments, including ORI’s USD 533M pledge to establish its regional headquarters.
• Investments aim to boost movies, tourism, fashion, and cultural spending under Vision 2030, diversifying the economy.
• CDF launches USD 266M facility with private lenders; Cultural Assets Group and BSF Capital to fund domestic cultural and film projects.

ORI

Recently, Saudi Arabia announced nearly USD 1 billion in new cultural investments. This is part of its mission to build a regional entertainment hub and attract more tourists.

Chinese media group ORI pledged to invest USD 533 million (SAR 2B) to establish its regional headquarters in Saudi Arabia. Moreover, it aims to use the kingdom as its regional base to invest in movies, tourism and fashion. 

These investments were announced at the Cultural Investment Forum in Riyadh earlier this week. Moreover, it aims to boost cultural spending as part of Saudi’s Vision 2030 drive to diversify the economy away. 

Culture and Tourism

According to Bloomberg, tourism makes up about 5% of the domestic economy. Furthermore, it is expected to be a major growth engine as Saudi seeks to attract more foreign visitors. 

The culture Minister Prince Badr bin Farhan indicated that the Kingdom plans to open 600 museums by 2030. Additionally, the nation’s sovereign wealth fund is developing a futuristic city and resorts along the Red Sea coast.

The Cultural Development Fund (CDF) recently launched a USD 266 million financing facility. This is in partnership with private lenders including Lendo SA, Al Raeda, and Abdul Latif Jameel Finance. Moreover, it is expanding its toolkit for supporting cultural ventures. 

Backed by the CDF, Cultural Assets Group has already invested around SAR 500 million in media, visual arts, fashion, and museums. It is now targeting an additional SAR 300 million. Meanwhile, BSF Capital will manage approximately USD 100 million of CDF funds to invest specifically in the domestic film sector.