As a key financial enabler of the cultural sector in the Kingdom, the Cultural Development Fund (CDF) has today announced the signing of five cooperation agreements with leading local banks: AlRajhi Bank, Alinma Bank, BSF, Arab National Bank (ANB), and Bank AlJazira, with the signing ceremony taking place at the “Fenaa Alawwal” Cultural Center in Riyadh. These agreements pave the way for the upcoming launch of the first financing solution of its kind in the Kingdom, as part of the CDF’s steadfast efforts and partnerships to bridge the public, private, and nonprofit sectors while driving the cultural sector’s growth, sustainability, and profitability.
In the coming period, CDF aims to sign more agreements with leading banks to diversify the sector’s financing channels and sources. Through its partnerships with local banks, CDF seeks to provide financing solutions for micro, small, and medium-sized cultural enterprises, marking a significant milestone in sector-specific financing. These collaborations represent the shared interest in supporting the cultural sector’s development and impact on local content as a vital, promising, and influential sector within the national economy.
The CDF is set to officially unveil the Cultural Financing in the coming days, for enterprises across all sixteen cultural sub-sectors. This financing solution is geared towards stimulating the establishment and expansion of cultural enterprises, as an extension of the CDF’s mission to increase the private sector’s contribution to economic diversification and sustainability within the cultural sector.
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, 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.
