The Cultural Fund launched its new identity during the first forum of the Fund, under the patronage of the Saudi Minister of Culture, Chairman of the Board of Directors of the Cultural Fund Prince Badr bin Abdullah bin Farhan, and in the presence of a number of leaders and employees of the National Development Fund, the Ministry of Culture and the Quality of Life Program.
The CEO of the Fund, Mohammed bin Dale, praised the role of the Ministry of Culture, and its embrace of the Fund during its early stages, by providing material and logistical support, and facilitating the tasks of the Fund’s work, as the Ministry believes in the importance of the role of the Fund and its direct impact on stimulating the cultural scene and empowering the beneficiaries, which contributes to achieving The objectives of the cultural sector.
Contribute with the cultural system
Bin Dale explained that the Cultural Fund aims to contribute, with the cultural system, to increasing the local content of arts and culture and raising social welfare indicators related to the Quality of Life Program. The fund will also work to finance the cultural sector, in partnership with the private and non-profit sectors, to raise the cultural sector’s contribution to the GDP to 3% and create tens of thousands of job opportunities by 2030.
He pointed out that, in order to achieve this goal, the Fund prepared a possible strategy for the cultural sector that is consistent with its financial needs, and worked on designing and launching various programs that suit the needs of the sector, the beginning of which was the Cultural Projects Stimulation Program, which was launched at the end of last year, in partnership with the Quality Program Life with provisions estimated at 181 million riyals.
During the inauguration ceremony
Bin Dale praised the great support that the Cultural Fund enjoys from the Custodian of the Two Holy Mosques and His Highness the Crown Prince – may God preserve her – stressing that the Fund will continue to move forward to achieve the aspirations of the wise leadership, and support the goals of the national strategy for culture emanating from Saudi Vision 2030, to contribute to the development of the sector financially and achieving its sustainability by supporting cultural activities and projects in order to facilitate investment in cultural activities and enhance the sector’s profitability.
Consolidating the position of Saudi Arabia
For her part, Naglaa Al-Numeer, Head of Strategy Sector, highlighted the new institutional strategy of the Fund, which reflects its ambitions to consolidate the position of the Kingdom of Saudi Arabia and its leadership in the field of culture globally through sustainable financing of the cultural sector and its endeavor to empower the sector through the development of sustainable financing mechanisms, diversified sources, and the creation of partnerships supportive; To enhance the cultural and economic impact.
She explained that the fund, within the institutional strategy, is working to be a financially viable and unified destination for cultural financing in the Kingdom by unifying its efforts with the cultural and development systems to work on providing its financial services and maximizing their benefit by providing non-financial services, in addition to stimulating the contribution of the private and non-profit sector.
She also indicated that the Fund seeks to be the desired link between funding sources and beneficiaries to support and finance all cultural sectors organized by the Ministry of Culture, as the areas of support and funding include all production activities, supply, demand, and enabling factors.
The fund focuses on identifying the appropriate beneficiaries to support the developing cultural sectors and stimulating the general cultural scene, and developing appropriate financing channels and supportive partnerships to enable the beneficiaries in a sustainable manner, in addition to providing optimal financing products that meet the needs and requirements of the beneficiaries.