Exploring Saudi Arabia's Cultural Economy at the Riyadh Conference

Saudi Arabia's Cultural Economy: Insights from a Groundbreaking Conference

The Cultural Investment Conference held in Riyadh, Saudi Arabia, on September 29-30, 2025, showcased the pivotal role of the cultural economy as part of the nation's Vision 2030. Organized by the Oxford Business Group (OBG) and the Saudi Cultural Development Fund (CDF), the event gathered over 1,500 attendees and more than 150 speakers representing various sectors, including government agencies, the private sector, and cultural institutions.

Focus on Cultural Sector Growth

At the core of discussions was the recently launched Market Outlook Report, titled 'Saudi Arabia Cultural Market Outlook Vision, Impact and Opportunities 2025'. This comprehensive report emphasizes the importance of the cultural and creative industries, which generate an impressive $2.3 trillion annually, contributing about 3.1% to the global GDP while providing jobs for roughly 30 million people worldwide.

For Saudi Arabia, the cultural sector is anticipated to experience dynamic growth, with an expected GDP contribution rising at a compound annual growth rate (CAGR) of 20% from 2021 to 2030. The goal is to achieve a 3% contribution to the national GDP by the end of this decade.

Investment Opportunities and Funding Gaps

The report highlights a significant funding gap in the cultural sector, with projected demand ranging between $20 billion and $22.7 billion by 2030, while expected supply is estimated at $10.7 billion to $13.3 billion. This creates a gap of $6.7 billion to $9.3 billion that private investors and lenders need to fill to ensure sustainable growth in various subsectors such as fashion, film, and culinary arts. These sectors are anticipated to account for nearly half of the total cultural financing requirements.

Moreover, 36 culturally-focused investment projects across seven sectors were highlighted during the conference. These opportunities stem from collaborations between the Ministry of Investment, the Invest Saudi initiative, and the Cultural Development Fund, promising attractive prospects for both local and international investors. Investment options range from $72,200 to $83 million, with potential internal rates of return (IRR) reaching up to 24%.

Themes and Perspectives from the Conference

The themes explored during the sessions included 'Culture as Capital', 'Financing the Future of Culture', and 'The ROI of Culture'. These discussions are crucial in illuminating both domestic and emerging market opportunities in the cultural sphere. Oliver Cornock, OBG's Editor-in-Chief, remarked that Saudi Arabia is establishing a robust foundation for a diversified cultural economy, indicating that the sector is now positioned to contribute significantly to the national GDP while attracting long-term investments.

Büşra Karacadağ, OBG's Country Director for Saudi Arabia, emphasized that the report illustrates the Kingdom's blend of strategic planning and targeted financing tools to appeal to investors. She mentioned that the ongoing cultural economic evolution is turning it into a viable investment proposition capable of generating sustainable returns within and beyond Saudi borders.

This report, now available for viewing and downloading at Oxford Business Group's website, underscores how Saudi Arabia is navigating its cultural economy to create not just entertainment, but also a lucrative avenue for economic growth.

In conclusion, the Riyadh conference has spotlighted the cultural economy, aligning it with Saudi Arabia’s broader Vision 2030 strategy. As the Kingdom continues to embrace and invest in this sector, it opens doors for a new chapter in its economic narrative, one where culture and creativity play an integral role in sustainable development.