#Saudi Arabia #Riyadh #Vision 2030 #Cultural Assets Group

A Landmark Launch for Saudi Arabia's Cultural Scene

In a significant stride for the cultural and creative landscape of Saudi Arabia, the Cultural Assets Group (CAG) has officially commenced its operations in Riyadh. This new consortium positions itself as the largest cultural group in the Kingdom, amalgamating seven pioneering companies and over twenty innovative brands under one unified platform. Focused on fostering the development of private sector initiatives within the cultural sector, CAG aims to accelerate the Kingdom’s ambitions outlined in Saudi Vision 2030.

Objectives of the Cultural Assets Group

CAG's formation is in direct response to the strategic goals articulated in Saudi Vision 2030, which emphasizes the importance of the cultural and creative economy. The initiative is expected to blend government-backed efforts with private investments to nurture a thriving cultural sector. CAG seeks to serve as a catalyst for growth, innovation, and investment attraction, ensuring that Saudi Arabia’s rich cultural heritage is recognized on the global stage.

Chairman Abdullah Khalid Al Zamil underscored the deep alignment of CAG’s vision with that of Saudi Vision 2030, stating, "Our approach aims to reinforce culture as a pivotal element driving innovation and sustainable economic growth. With a commitment to authenticity and excellence, we aspire to make a lasting impact on the global cultural ecosystem."

Expertise and Resources

CAG boasts a robust team of over 250 specialized professionals, maintaining a near-equal representation of genders with 51% male and 49% female employees. The group's expertise encompasses various facets of cultural development, including museum design, cultural events, community engagement, marketing, and cultural retail initiatives. CAG collaborates with key national stakeholders such as the Ministry of Culture, the Royal Commission for AlUla, and the Mohammed Bin Salman Foundation (Misk) to deliver projects that are of national significance.

Enhancing Cultural Visibility

As cultural and tourism sectors in Saudi Arabia are rapidly expanding, CAG is strategically positioned to amplify the Kingdom’s cultural footprint. It is projected that the cultural and creative industries in Saudi Arabia will contribute approximately $47.9 billion to the GDP by the year 2030. CAG intends to empower local creative talents while driving sustainable growth within the cultural domain.

CEO Abdulaziz AlSulaim described CAG as a unified platform dedicated to fostering the Kingdom’s cultural advancements. "We are here to nurture the sector, support ambitious ideas, and assure the sustainability of cultural enterprises. This is not merely a business but a transformative engine for deepening Saudi cultural identity and leading cultural progress,” he remarked.

A Vision for the Future

In establishing Cultural Assets Group, the Kingdom of Saudi Arabia signals its commitment to diversifying its economy through cultural excellence and innovation. This initiative aligns seamlessly with the Kingdom’s broader objectives of creating a vibrant and diverse cultural landscape while ensuring that the richness of Saudi culture resonates both locally and globally.

CAG represents a turning point in the Kingdom's cultural narrative, emphasizing the importance of collaboration among private entities and government stakeholders to drive cultural initiatives that resonate across different demographics. It is through such meaningful partnerships that Saudi Arabia's vibrant culture will continue to develop and flourish, ensuring a lasting legacy for future generations.

By uniting various cultural entities under one umbrella, the Cultural Assets Group not only enhances the visibility of Saudi culture globally but also emphasizes the country’s readiness to embrace its creative industries as a key driver of economic diversity and growth. This leadership in the arts and culture sector represents a proud new chapter in Saudi Arabia's journey towards cultural renaissance, underpinned by the principles laid out in Vision 2030.