The Saudi Cultural Development Fund has signed a Memorandum of Understanding (MoU) with Saudi Exchange (Tadawul) to develop the cultural sector, promote local content, bolster innovation and production, and foster national talent in line with the Kingdom’s commitment to enabling the growth of cultural entities and projects.
The MoU was signed by the Cultural Development Fund Chief Executive Officer, Mr. Mohammed bin Dayel and Mr. Mohammad Al Rumaih, CEO of the Saudi Exchange.
The partnership focuses on raising awareness on the importance of sustainability and reviving the commitment of companies listed on the Saudi Exchange regarding social responsibilities and related policies and practices.
The MoU also stresses the Fund’s active participation in providing creditable Environmental, Social, and Governance (ESG) expertise through various financing instruments that can expand the cultural and economic footprint and achieve the National Culture Strategy’s objectives.
Mohammed Al Rumaih CEO – Saudi Exchange
“Recently, we released our ESG Disclosure Guidelines and are delighted to, now, sign this MoU with the Cultural Development Fund as another step in our commitment to advancing the Saudi capital market and Vision 2030. Our partnership will further raise awareness of the importance of adopting ESG practices and enable companies listed on the Saudi Exchange to recognize value beyond the balance sheet.”
The Cultural Development Fund aims to develop suitable financing channels in cooperation with several specialized entities and improve the quality of established services and digital banking to enhance products and services and increase efficiency.
These efforts strive to attract local and foreign investors and amplify local content within the cultural ecosystem in the Kingdom. It is worth mentioning that the Cultural Development Fund will launch the second cycle of “The Cultural Projects Incentive Program” in April.
The program, which is the Fund’s first program, with an allocation of $48.2 million, aims to provide the necessary financial support and incentives for qualified cultural sector projects to enable them to start their business or support their expansion and improve their services and outputs.
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