Saudi Arabia announced the imminent launch of Riyadh University of Arts and a series of new cultural funds and agreements at the first Cultural Investment Conference, held in the kingdom's capital on Monday and Tuesday under the patronage of Saudi Crown Prince Mohammed bin Salman.
The country's Minister of Culture Prince Badr bin Abdullah said the university will open in 2026 with programmes in music, film, theatre and the performing arts to begin with.
“This university will be a beacon for creativity, offering specialised programmes and later expanding to 13 colleges across the cultural spectrum,” said Prince Badr.
Agreements signed at the conference are worth more than 5 billion Saudi riyals ($1.3 billion), according to officials. Among them is a deal between the Ministry of Investment and the Cultural Development Fund (CDF) to attract foreign capital into Saudi cultural projects, a partnership with Asyad Holding, SparkLabs Saudi and Lamar Holding to build a new cultural landmark in Riyadh; an MoU with the Royal Commission for Riyadh City to deliver cultural and artistic projects in the capital; and an agreement with Deutsche Bank covering cultural exchange, training and mentorship programmes.
Film featured prominently, too. The Saudi Film Fund has been rebranded as Riviera Content, with 32.5 million riyals going to new projects with international studios. CDF also signed an agreement with BSF Capital to establish a second dedicated film investment fund, valued at 375 million riyals.
Another initiative launched during the event was a private, closed-end cultural investment fund valued at 850 million riyals, created by the Cultural Assets Group with CDF as an anchor investor. CDF contributes 200 million riyals to the fund, which will target visual arts, fashion, cultural retail, digital content, interactive media and production technologies.
CDF also introduced a 1 billion Saudi riyal co-lending instrument to expand access to finance for cultural enterprises, and, with the Ministry of Investment and the Quality of Life programme, announced an “enabling package” aimed at supporting small and independent projects.
Figures shared at the conference indicate that about 235,000 people are employed in culture in Saudi Arabia, supported by more than 50,000 investors.
The two-day conference drew more than 1,500 participants and 150 speakers across 38 panels and workshops. Sessions covered the return on cultural investment, financing tools for creative industries and the role of artificial intelligence in the sector.
