The Cultural Investment Conference wrapped on Tuesday with SAR bns worth of agreements to launch specialized investment funds. The event also saw an announcement for Riyadh’s new arts university, along with agreements for art firms to establish a presence in the Kingdom. Riyadh hosted the two-day event themed “Culture as Capital” at King Fahad Cultural Center, cementing Saudi Arabia’s position as a global hub for cultural investments. Among the agreements and announcements at the conference:

Riyadh-based investment firm Merak Capital launched a SAR 300 mn private equity fund dedicated to fashion with the aim of helping local labels scale beyond the domestic market and enabling a competitive, tech-driven fashion industry, the National reports citing statements made by executives from Merak Capital and the Cultural Development Fund which is stepping in as anchor investor.

So, how big is the industry? The kingdom’s fashion and luxury market is on track for substantial expansion, projected to grow from USD 30 bn in 2023 to USD 42 bn by 2028, the newspaper reports, citing industry tracker Fashion Futures.

Scope: The new vehicle will target growth-stage local brands and projects spanning apparel, accessories, e-commerce, beauty, and supply chain. “We are confident that this fund will be a powerful enabler for Saudi talent and a platform for showcasing cultural identity,” Altamami said.

The Cultural Fund announced providing over SAR 1 bn in financing, in partnership with Abdul Latif Jameel Finance, Lendo, Raya Financing, Manafa, and Alraedah. The new tool will provide entrepreneurs in the industry with flexible financing solutions.

The fund also inked an agreement with the Cultural Assets Group to launch a SAR 850mn private investment fund aimed at boosting the cultural economy and pushing for local companies’ global growth via the acquisition of specialized international companies. The Cultural Fund will contribute SAR 200 mn to the endeavor.

The fund partnered with BSF Capital to launch a SAR 375 mn fund, marking the second private investment fund dedicated to boosting the film industry and its local and global expansion. The fund will be managed by BSF Capital, with the Cultural Fund acting as a major investor.

ALSO- The Kingdom’s first private investment fund in the film sector, the Saudi Film Fund, which was rebranded to Riviera Content, announced two new investments worth a combined SAR 32.5 mn to support the production of two feature films from US-based studios Universal Studios and Columbia Pictures.

The fund also allocated over SAR 500 mn in credit facilities to finance cultural projects of SMEs. The fund also launched financing tools for cultural firms and agreed to work with banks to extend more facilities.

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