Saudi $48 million culture fund may take stakes in private companies

Published 23 Jun,2021 via Arab News - Economy RIYADH - The Saudi Cultural Development Fund may take direct stakes in private companies as it seeks to stimulate investment in the sector, said CEO Mohammed Bindayel.

Cultural projects in Saudi Arabia will receive SR180 million ($47.9 million) from the fund in 2021 and requests for beneficiaries will start to be received in August, he told Asharq.

Financing options being explored include crowdfunding, said Bindayel, who was appointed as the CEO of the fund last week.

The Cultural Development Fund, which was created to support projects of private-sector enterprises, NGOs and associations working in the cultural sectors and their supporting fields, is working within the Kingdom’s Vision 2030, said Bindayel.

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