Riyadh: The Social Development Bank launched the "Art Bank 7" event yesterday as part of the second phase of its Art Bank initiative. The event aims to reach a broad segment of Saudi visual artists and freelance practitioners, enabling them to showcase their work and compete for acquisition opportunities by the bank, in support of the national cultural ecosystem and the creative economy.
According to Saudi Press Agency, the Art Bank initiative is implemented in partnership with the Saudi Arabian Society for Culture and Arts. The second phase involves the acquisition of artworks to decorate the bank's branches in seven major cities, reinforcing institutional visual identity through a contemporary approach.
This initiative aligns with the directives of the Kingdom's leadership to support creative industries. It also contributes to the goals of The Year of Handicrafts 2025, launched by the Ministry of Culture to highlight the nation's craft heritage and empower its practitioners.
CEO of the Social Development Bank Eng. Sultan Al-Humaidi stressed the bank's commitment to supporting the cultural and creative sector through three primary tracks: artworks, handicrafts, and textiles. He highlighted the importance of institutional partnerships in achieving sustainable impact, referring to the bank's dedication to nurturing national talents and providing professional platforms for showcasing and acquiring artworks. This, he said, supports the economic sustainability of artists and enhances their presence in the local and international cultural scene.
The Art Bank platform was launched in 2022 as a unique initiative by the Social Development Bank in partnership with the Saudi Arabian Society for Culture and Arts. It serves as a digital incubator for Saudi artists and freelance professionals and a professional platform to market their work in line with the needs of public and private entities. In 2024 alone, the platform successfully supported more than 700 Saudi artists and artisans.