Prince Badr signs MoUs with Al-Qasabi and Al-Falih to empower entrepreneurs and boost investments in cultural sector

Saudi Gazette report

RIYADH — Minister of Culture Prince Badr bin Abdullah on Wednesday signed two landmark deals with ministers of commerce and investment aimed at empowering entrepreneurs and boost investments in the vital culture sector. The agreements underscore the importance of making culture a primary source for producing local content, as well as spreading and delivering culture to different regions and segments of society.

Prince Badr signed a memorandum of understanding (MoU) with Minister of Commerce and Chairman of the Board of Directors of the General Authority for Small and Medium Enterprises (Monsha’at) Dr. Majed Al-Qasabi, at his ministry’s headquarters in Diriyah. The MoU is aimed at enhancing cooperation in areas of common interest between the Ministry of Culture and Monsha’at, including the establishment of business incubators and accelerators in the cultural sector.

The partnership aims to support and empower entrepreneurs in the cultural sector and cultural establishments by providing specialized training programs that meet the needs and requirements of the sector. These include provision of strategic consultations that enhance the capabilities of entrepreneurs and support the development of their projects in innovative and sustainable ways that contribute to achieving a tangible economic and cultural impact. This is in addition to raising awareness and enhancing knowledge about investment opportunities and potential growth in the cultural field and the sector as a whole.

The MoU also focuses on enhancing commercial innovation and enabling modern technologies for small and medium-sized cultural establishments, which contributes to developing the cultural environment and enhancing their role in supporting the local economy.

This MoU comes within the package of strategic partnerships that the Ministry of Culture seeks to conclude with various sectors, with the aim of supporting entrepreneurs and innovators, as well as to enable them to access opportunities and resources that contribute to developing their projects and developing the cultural sector. This is in addition to improving the environment of innovation and creativity in line with the goals of the National Strategy for Culture, under the umbrella of the Kingdom’s Vision 2030.

Minister of Culture Prince Badr also signed a MoU with Minister of Investment and Chairman of the Board of Directors of the Economic Cities and Special Zones Authority (ECZA) Eng. Khalid Al-Falih to enhance investment opportunities in the cultural sector in economic cities and special zones. This is also to enhance cooperation and develop potential projects and opportunities in areas of common understanding between the Ministry of Culture and the ECZA.

This partnership aims to enhance investment opportunities in the cultural sector in the economic cities and special zones, and improve the regulatory framework for cultural investment and cultural assets in these zones, apart from developing the field of employment, education and training within them. The MoU also aims to enhance cultural identity, which enriches aspects of daily life for residents of the regions in the special economic cities.

The MoU includes joint work on studies to maximize the economic impact of the cultural sector through economic cities and special zones, study the feasibility of allocating a special economic zone for the cultural sector, and identify attractive incentives for investors.

This partnership reflects the understanding and integration between the Ministry of Culture and the ECZA to enhance sustainable cooperation in developing the cultural economy. It also comes within the context of the Ministry of Culture’s keenness to ensure fair access to cultural programs, events and services in all regions of the Kingdom, through the development of a distinct regional approach.