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Saudi Gazette report
RIYADH — The Cultural Development Fund (CDF) on Thursday unveiled its new “Cultural Financing” program, the first of its kind in Saudi Arabia, aimed at providing essential financial support to projects and enterprises across 16 cultural sub-sectors.
This initiative is designed to drive sustainable growth within the cultural sector, enhance creative output, and increase the sector’s contribution to the Kingdom’s gross domestic product (GDP), thereby fueling national economic growth.
The Cultural Financing program is tailored to support the development of cultural enterprises through flexible, accessible, and competitive financing packages. These packages are structured to maximize profitability while minimizing risks for both the cultural enterprises and local banking partners involved.
The program targets micro, small, and medium-sized cultural enterprises, offering a range of financing products to meet both short-term and long-term needs, according to a statement from the CDF.
“The Cultural Financing program marks a new chapter in our mission to empower the cultural sector in collaboration with our local banking partners. This financing solution is designed to meet the diverse and evolving needs of the sector’s entrepreneurs and support their aspirations, reaffirming our commitment to building strategic partnerships with the private sector,” said CDF Chief Executive Majed Al-Hugail. “We look forward to seeing the positive ripple effects of this collaboration in revitalizing the cultural sector and, in turn, bolstering the national economy.”
The announcement follows the CDF’s signing of partnership agreements with five local banks — Al-Rajhi Bank, Alinma Bank, Banque Saudi Fransi (BSF), Arab National Bank (ANB), and Bank AlJazira — to provide financing to cultural enterprises. These partnerships highlight the crucial role of the banking sector in the sustainable development of the cultural sector and reinforce the CDF’s commitment to fostering growth across various cultural domains within the Kingdom.
Founded in 2021, the CDF is organizationally linked to the National Development Fund and is dedicated to enhancing the cultural landscape in Saudi Arabia. The fund actively supports a wide range of cultural activities and projects, facilitates investment, and aims to improve the profitability of the domestic cultural sector in alignment with the National Culture Strategy.
