Saudi Arabia has announced nearly USD 1 billion in new cultural and creative industry investments, signaling a major step in transforming the Kingdom into a regional hub for entertainment, tourism, and innovation. Leading this wave is China’s ORI Media Group, which has pledged USD 533 million (SAR 2 billion). It’s looking to establish its regional headquarters in Saudi Arabia.
The investment marks a new chapter in Saudi Arabia’s Vision 2030, which aims to diversify the economy beyond oil and develop sustainable cultural and creative sectors.
ORI’s Investment and Regional Vision
Chinese media giant ORI plans to make Saudi Arabia its regional base for media, film, fashion, and tourism investments. The company’s entry reflects growing international confidence in the Kingdom’s evolving business environment. It also reinforces its ambition to position itself as a global cultural destination.
The investment will support:
- The development of film studios and production houses
- Cross-border collaborations in fashion and design
- Tourism-driven cultural projects and experiences
- Regional content creation for the Middle East and North Africa
These initiatives were announced at the Cultural Investment Forum in Riyadh. The forum highlighted the country’s strategy to grow its cultural GDP contribution and enhance global partnerships.
Saudi Arabia’s Cultural Growth Strategy
Under Vision 2030, culture and tourism are central to the Kingdom’s diversification plan. According to Bloomberg, tourism currently contributes about 5% of Saudi Arabia’s GDP. However, it is expected to rise sharply in the coming years. To that effect, the government is trying to open up new destinations and cultural experiences.
The Kingdom’s Minister of Culture, Prince Badr bin Farhan, announced plans to open 600 museums by 2030. They will be covering themes from art and heritage to technology and innovation. Additionally, the Public Investment Fund (PIF) is leading massive projects, including futuristic cities and luxury resorts along the Red Sea coast, designed to attract millions of global visitors.
New Financing Models to Power Culture
The Cultural Development Fund (CDF) has launched a USD 266 million financing facility in collaboration with private sector lenders such as Lendo SA, Al Raeda, and Abdul Latif Jameel Finance. This initiative expands access to funding for creative entrepreneurs and cultural startups.
Supporting entities include:
- Cultural Assets Group, which has already invested SAR 500 million in media, visual arts, and museums, with an additional SAR 300 million planned.
- BSF Capital, managing USD 100 million of CDF funds, dedicated to Saudi’s fast-growing film industry.
These partnerships are designed to build a sustainable ecosystem for culture, fostering innovation, job creation, and global collaborations in entertainment and the arts.
A Cultural Transformation in Motion
Saudi Arabia’s new wave of cultural investments, led by ORI’s USD 533 million commitment, represents a significant milestone in the nation’s transformation into a global creative powerhouse. With continued funding, infrastructure, and global partnerships, the Kingdom is laying the foundation for a vibrant, inclusive, and globally connected cultural economy.