The Saudi ministries of culture and investment concluded a memorandum of strategic partnership to develop cultural investment in the Kingdom and attract local and foreign investors to the sector.
In a ceremony on Wednesday, Saudi Minister of Culture Prince Badr bin Abdullah bin Farhan and Eng. Khalid Al-Falih, Minister of Investment, signed the memorandum, which covers several areas of joint cooperation in the field of planning and strategic projects.
The new partnership seeks to develop strategies in the targeted sectors and to provide an attractive regulatory environment for investments in culture.
The two ministries will also cooperate to address obstacles facing investors in the cultural sector and provide solutions within the framework of the Investment Opportunities Listing and Development Committee and its subcommittees.
The ministry of investment will seek to encourage international companies working in culture to establish their regional offices in Saudi Arabia, and review laws and regulations pertaining to encouraging and developing investment in the targeted sectors.
The two sides will also cooperate in coordinating and supporting participation in local and international events to promote cultural investment opportunities.
The partnership also aims to define a common framework that contributes to the development of a range of tangible investment opportunities in the cultural sector and sustainable financing partnerships for investors, and ensures a competitive environment across sectors, in addition to activating and maintaining regular communication with investors and supporting talents and capacity development.
