Riyadh: In the presence of Minister of Culture and Cultural Development Fund Board Chairman Prince Bader bin Abdullah bin Farhan, the Cultural Development Fund signed an agreement to establish the Kingdom's first investment fund dedicated to the fashion sector, with capital of SAR300 million.
According to Saudi Press Agency, the investment fund will be managed by Merak Capital, with the Cultural Development Fund participating as a principal investor. The agreement signing took place at the Cultural Investment Conference organized by the Ministry of Culture at the King Fahd Cultural Center in Riyadh, under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.
The investment fund aims to invest in companies and projects operating in the fashion sector and to develop related supply chains and services, aligning with global best practices in asset and risk management. It targets investments in fashion companies, including innovative ventures and Saudi brands with strong growth potential.