Saudi Arabia’s Cultural Economy Surges with Billion-Riyal Investments Under Vision 2030
New conference under Crown Prince’s patronage spotlights SR5 billion in deals and marks cultural sector’s growing role in economic diversification
Saudi Arabia’s cultural economy has entered a dynamic new phase as part of its broader Vision 2030 transformation.
At the inaugural Cultural Investment Conference held under the patronage of Crown Prince Mohammed bin Salman, the Kingdom announced 89 agreements valued at roughly SR5 billion (around US$1.33 billion), signalling strong momentum in creative-industry growth.
Culture Minister Badr bin Abdullah bin Farhan highlighted how the sector’s contribution to the national economy has risen significantly—from SR30 billion before 2018 to about SR60 billion in 2023. Public and private investment in cultural infrastructure has exceeded SR81 billion, making it the largest-ever sectoral investment of its kind in the country.
The conference, a flagship event for the Ministry of Culture, brought together more than 1,500 delegates and 150 speakers to explore how culture can drive economic diversification, innovation and jobs.
Its agenda emphasised three pillars: cultural production as an engine of growth, advancing cultural capital through investment mechanisms, and the cohesive power of culture to build social bonds and global links.
Private-sector confidence is rising.
The chairman and chief executive of BMG Financial Group noted that for culture to become a true economic pillar, investor trust was vital.
He pointed out that some SR60 billion already contributed to GDP in 2023 and that the sector’s small- and medium-enterprise workforce has grown to around 234,000.
Meanwhile, more than 51,000 firms now operate in cultural activities—up more than 23.6 per cent since 2021. Graduate numbers in cultural disciplines rose over 79 per cent, and job growth in the sector is up by 65 per cent.
The Kingdom has set ambitious targets under Vision 2030: creating over 346,000 jobs in creative fields, increasing graduates in cultural domains to 255,000 and growing the fashion, film and culinary sub-markets to between SR31.9 billion and SR34.8 billion by 2030. The film sector alone has attracted more than SR3.5 billion in investment and is generating roughly SR900 million in annual ticket revenue.
More broadly, as culture is increasingly recognised as both a driver of tourism and a platform for global diplomacy, the Kingdom is positioning itself as a major destination for creative capital.
The conference reinforced this ambition by spotlighting public–private partnerships, creative entrepreneurship and emerging market linkages.
With the cultural economy now firmly embedded in Saudi Arabia’s diversification agenda, the sector’s transformation marks a key milestone in the country’s wider push to rebalance its economic base and deepen its global cultural footprint.
At the inaugural Cultural Investment Conference held under the patronage of Crown Prince Mohammed bin Salman, the Kingdom announced 89 agreements valued at roughly SR5 billion (around US$1.33 billion), signalling strong momentum in creative-industry growth.
Culture Minister Badr bin Abdullah bin Farhan highlighted how the sector’s contribution to the national economy has risen significantly—from SR30 billion before 2018 to about SR60 billion in 2023. Public and private investment in cultural infrastructure has exceeded SR81 billion, making it the largest-ever sectoral investment of its kind in the country.
The conference, a flagship event for the Ministry of Culture, brought together more than 1,500 delegates and 150 speakers to explore how culture can drive economic diversification, innovation and jobs.
Its agenda emphasised three pillars: cultural production as an engine of growth, advancing cultural capital through investment mechanisms, and the cohesive power of culture to build social bonds and global links.
Private-sector confidence is rising.
The chairman and chief executive of BMG Financial Group noted that for culture to become a true economic pillar, investor trust was vital.
He pointed out that some SR60 billion already contributed to GDP in 2023 and that the sector’s small- and medium-enterprise workforce has grown to around 234,000.
Meanwhile, more than 51,000 firms now operate in cultural activities—up more than 23.6 per cent since 2021. Graduate numbers in cultural disciplines rose over 79 per cent, and job growth in the sector is up by 65 per cent.
The Kingdom has set ambitious targets under Vision 2030: creating over 346,000 jobs in creative fields, increasing graduates in cultural domains to 255,000 and growing the fashion, film and culinary sub-markets to between SR31.9 billion and SR34.8 billion by 2030. The film sector alone has attracted more than SR3.5 billion in investment and is generating roughly SR900 million in annual ticket revenue.
More broadly, as culture is increasingly recognised as both a driver of tourism and a platform for global diplomacy, the Kingdom is positioning itself as a major destination for creative capital.
The conference reinforced this ambition by spotlighting public–private partnerships, creative entrepreneurship and emerging market linkages.
With the cultural economy now firmly embedded in Saudi Arabia’s diversification agenda, the sector’s transformation marks a key milestone in the country’s wider push to rebalance its economic base and deepen its global cultural footprint.
