The Minister of Culture, Prince Badr bin Abdullah, has signed two groundbreaking deals with the Ministers of Commerce and Investment in Saudi Arabia. These agreements are aimed at empowering entrepreneurs and boosting investments in the vital culture sector. The signing of these agreements highlights the importance of making culture a primary source for producing local content and spreading cultural awareness to different regions and segments of society.
One of the agreements was signed with the Minister of Commerce and Chairman of the General Authority for Small and Medium Enterprises (Monsha’at), Dr. Majed Al-Qasabi. This memorandum of understanding focuses on enhancing cooperation between the Ministry of Culture and Monsha’at in establishing business incubators and accelerators in the cultural sector. The partnership aims to support and empower entrepreneurs in the cultural sector by providing specialized training programs and strategic consultations that enhance their capabilities and contribute to achieving a tangible economic and cultural impact.
The MoU also aims to raise awareness about investment opportunities in the cultural field and enable modern technologies for small and medium-sized cultural establishments. This will help in developing the cultural environment and enhancing their role in supporting the local economy. The partnership is part of the Ministry of Culture’s strategic initiatives to support entrepreneurs and innovators, enabling them to access opportunities and resources for developing their projects and the cultural sector as a whole.
Another agreement was signed with the Minister of Investment and Chairman of the Economic Cities and Special Zones Authority (ECZA), Eng. Khalid Al-Falih. This partnership focuses on enhancing investment opportunities in the cultural sector within economic cities and special zones. The aim is to improve the regulatory framework for cultural investment and assets in these zones, as well as develop employment, education, and training opportunities. The MoU also aims to enrich the cultural identity of residents in these regions.
The partnership between the Ministry of Culture and the ECZA includes joint studies to maximize the economic impact of the cultural sector through economic cities and special zones. This includes studying the feasibility of allocating a special economic zone for the cultural sector and identifying attractive incentives for investors. The agreement reflects the commitment of both parties to enhance sustainable cooperation in developing the cultural economy and ensuring fair access to cultural programs and services in all regions of the Kingdom.
Overall, these agreements are significant steps towards empowering entrepreneurs, boosting investments, and developing the cultural sector in Saudi Arabia. By focusing on supporting and empowering entrepreneurs, enhancing investment opportunities, and enriching cultural identity, these partnerships will contribute to achieving the goals of the National Strategy for Culture and the Kingdom’s Vision 2030. The Ministry of Culture’s commitment to fair access to cultural programs and services in all regions demonstrates a dedication to promoting cultural awareness and development throughout the Kingdom.
