Ithra Joins As Strategic Partner In Inaugural Cultural Investment Conference To Enhance Saudi Culture

The King Abdulaziz Center for World Culture (Ithra), an initiative by Aramco, played a strategic role in the first Cultural Investment Conference. This event, under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, took place in Riyadh on September 29-30. Ithra signed two memoranda of understanding (MoUs) with the Cinema Association and Dammam Airports to enhance cultural activities in Saudi Arabia.

These agreements aim to significantly impact the Kingdom's cultural and artistic landscape. They underscore Ithra's commitment to fostering culture and arts both regionally and globally while contributing to a knowledge-based economy. The MoU with the Cinema Association focuses on advancing Saudi Arabia's film industry and hosting the Saudi Film Festival at Ithra’s Dhahran headquarters.

Noura Alzamil, Head of Programs at Ithra, highlighted that these partnerships extend collaboration across various sectors. She stressed using Ithra’s resources to empower young talents with essential skills for the 21st century. Alzamil noted that Ithra’s participation in the conference aligns with its mission to explore opportunities in local and global cultural forums.

The agreement with Dammam Airports aims to enrich passenger experiences by integrating artistic elements reflecting Saudi identity. This initiative also promotes cross-cultural exchange, enhancing the cultural landscape within the Kingdom. These efforts are part of Ithra’s broader strategy to present bold visions and actionable ideas for pioneering cultural projects.

In a session titled "Documenting Impact and Leadership," Abdullah Alrashid, Director of Ithra, emphasized the center’s focus on human capital and talent as a vital cultural investor. "While financial investors may focus predominantly on market size and financial returns, Ithra prioritizes positive cultural and social impact," he stated. He affirmed support for early-stage projects with high social value despite limited immediate market potential.

Alrashid mentioned initiatives like Tanween Challenges, where designers create innovative solutions to global issues through a cultural lens. With Ithra’s backing, many such projects have come to fruition. He also discussed the Ithra Content Initiative, which partners with the Cultural Development Fund to guide applicants through launching their projects.

Conference Highlights and Achievements

This initiative has combined cultural impact with financial sustainability, resulting in over 600 jobs and more than 50 successful startups in three years. At the conference's end, sponsors and partners were recognized for their contributions, including Ithra as a strategic partner.

The Ministry of Culture organized this inaugural conference as a global platform for investors, policymakers, cultural leaders, and creatives. It showcased culture as an attractive investment opportunity by highlighting innovative financing models and strategic partnerships.

The conference emphasized how cultural capital supports economic growth while strengthening national identity and enhancing global influence. Through these efforts, it positioned culture as a key driver of development in Saudi Arabia.

With inputs from SPA