Riyadh, November 15, 2023: The Cultural Development Fund (CDF) and Mohammed Bin Salman Non-Profit City signed a Memorandum of Understanding during the Misk Global Forum that was held from November 15 to 17 in Riyadh. The MoU was signed by Mohammed Bindayel, CEO of the Cultural Development Fund, and David Henry, CEO of Mohammed Bin Salman Nonprofit City.
Through the scope of this MoU, the two entities collaboratively will leverage respective expertise and knowledge to develop joint programs aimed at advancing the cultural sector, in addition to reinforcing the role of "the City" as an incubator and hub for various cultural projects in general and those supported by the CDF in particular.
The MoU marks a major step towards building effective partnerships between public, private and non-profit sectors’ organizations, while being an integral part of CDF’s efforts to achieve cultural sector sustainability by increasing non-governmental organization’s contributions in the sector, thereby maximizing their impact in creating new opportunities for cultural entrepreneurs and developing the non-oil economy.
The Cultural Development Fund was founded in 2021 with the aim of further enhancing the cultural landscape within Saudi Arabia. Organizationally linked to the National Development Fund, the Fund was established as part of the Quality of Life Program's initiatives to promote the development of a self-reliant cultural sector. The Fund actively supports a variety of cultural activities and projects, facilitates investment, and seeks to improve the domestic cultural sector's profitability in alignment with the National Culture Strategy and Saudi Vision 2030.
Misk City, is the first nonprofit city of its kind which will contribute to achieving the goals of His Royal Highness Prince Mohammed bin Salman Foundation (MISK). The vision behind the City is to serve as model for the development of the nonprofit sector globally and as an incubator for youth as well as local and international institutions. The City will contribute to achieving the goals of MISK in supporting innovation, entrepreneurship, and qualifying future leaders by defining nonprofit work in its internal operational concept and in terms of opportunities and youth training programs it will provide. In addition, the City will provide services that contribute to creating an attractive environment for all beneficiaries of the City’s offerings.
