RIYADH, 27 October – The Cultural Development Fund (CDF) has successfully concluded its participation in the Future Investment Initiative (FII) Forum, which ended in Riyadh on Thursday under the patronage of His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister of the Kingdom of Saudi Arabia.
Now in its sixth edition, the FII forum was attended by world leaders, elite businesspeople, and prominent global fund managers. The CDF served as the strategic partner of the institute that organized the forum, which took place at King Abdul Aziz International Conference Center from 25 – 27 October with the goal of capitalizing on available investment opportunities to drive economic growth, empower innovation, utilize advanced technology, and overcome global challenges.
During a panel discussion titled ‘The Next Creator Economy’, Mohammed Bindayel, Chief Executive Officer of CDF, discussed how modern technology and new media are changing the face of culture and helping foster trends that are opening exciting opportunities for cultural formats including music and film.
Mr. Bindayel outlined the role of these innovations in reducing the barriers between cultural creators and their audiences, facilitating new sources of profitability to shore up the sector, and strengthening its contribution to the Kingdom’s economy. He also highlighted the accelerating growth of the creator economy and how this is helping to empower creators and investors in every aspect of culture.
In a visionary discussion titled ‘Film Enablers - Boosting The Regional Film Industry’, Faisal Al-Aseeri, Director of the CDF Film Sector Financing Program, highlighted the importance of filmmaking in growing a nation’s economy, citing the industry’s power to attract investment, promote destinations to tourists, and highlight a nation’s unique arts and cultural landscape.
Mr. Al-Aseeri emphasized the importance of public-private collaboration in funding filmmaking. Through this synergy, he commented, local filmmakers can obtain access to the right resources needed to build film sets and prepare filming locations for national and global film productions.
The CDF’s pavilion at the FII forum was open for public discussion on the importance of investing in culture and how this can help drive economic growth. The pavilion also familiarized audiences with various CDF programs aimed at providing sustainable financing instruments.
Throughout its presence at the FII froum, the CDF sought to actively spread awareness of its role in economic growth and incentivizing private and non-profit organizations to participate in building sustainable growth in the cultural ecosystem, as well as attracting capital and encouraging financial institutions to invest in culture by highlighting the sector’s huge potential.
These efforts align closely with the FII Institute’s objectives of building an effective network of global players, as well as shedding light on emerging sectors that are expected to shape the future of international investment and the global economy over the coming decades.
