Riyadh: The King Abdulaziz Center for World Culture (Ithra), an Aramco initiative, participated as a strategic partner in the inaugural Cultural Investment Conference, held under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister. The conference took place on September 29-30 in Riyadh.
According to Saudi Press Agency, during the event, Ithra signed two memoranda of understanding (MoUs) with key partners, the Cinema Association and Dammam Airports. The agreements are designed to have a direct and practical impact on the Kingdom's cultural and artistic activities. They also highlight Ithra's active role as a driving force for culture and the arts, both regionally and globally, and its contribution to building a knowledge-based economy.
Commenting on the occasion, Ithra Programs Head Noura Alzamil said the partnerships contribute to extending bridges of collaboration with key organizations across various sectors and expanding the cultural landscape within the Kingdom. She emphasized harnessing Ithra's resources and expertise to empower young people and emerging talents to shape their futures with the knowledge and skills essential for the 21st century.
She added that Ithra's participation in the conference builds on its ongoing journey of exploring opportunities at both local and global cultural forums.
Alzamil highlighted Ithra's endeavors to present bold visions and actionable ideas that spark pioneering cultural projects and initiatives, delivering meaningful outcomes for society and contributing to the Kingdom's sustainable cultural development.
The MoU signed with the Cinema Association aims to support the growth of the Kingdom's film industry and cinematic landscape, in addition to hosting the Saudi Film Festival at Ithra's headquarters in Dhahran.
Meanwhile, the agreement with Dammam Airports seeks to enrich the passenger experience by incorporating artistic and cultural elements that reflect Saudi identity and foster cross-cultural exchange.
In a session titled 'Documenting Impact and Leadership,' Ithra Director Abdullah Alrashid emphasized the center's role as a vital cultural investor, focusing on human capital and talent.
'While financial investors may focus predominantly on market size and financial returns, Ithra prioritizes positive cultural and social impact,' he said, affirming the center's support to early-stage projects with high social value, even if their immediate market potential is limited.
Alrashid cited the Tanween Challenges as an example, where designers develop innovative creative solutions to global challenges, powered by their innovative cultural perspective. With Ithra's support, many of these projects have been realized, he confirmed.
Alrashid also highlighted the Ithra Content Initiative, delivered in partnership with the Cultural Development Fund, taking applicants through multiple phases to launch their own projects. The initiative combines cultural impact with financial sustainability, contributing to the creation of over 600 jobs and more than 50 successful startups in the past three years, he noted.
At the conclusion of the conference, all sponsors and partners were honored for contributing to the success of this inaugural edition, including Ithra as a strategic partner.
The Cultural Investment Conference, organized by the Ministry of Culture, served as a global platform that brought together investors, policymakers, cultural leaders, and creatives, positioning culture as an attractive investment opportunity. In its inaugural edition, the conference highlighted pioneering financing models, strategic partnerships, and the expanding role of cultural capital in supporting economic growth, strengthening national identity, and enhancing global influence.