º£½ÇÖ±²¥

Saudi culture sector to triple GDP share to $48bn by 2030, says minister

Cultural event attendance exceeded 23.5 million between 2021 and 2024, and major festivals such as the Red Sea Film Festival and Islamic Arts Biennale have become global draws. AFP
Cultural event attendance exceeded 23.5 million between 2021 and 2024, and major festivals such as the Red Sea Film Festival and Islamic Arts Biennale have become global draws. AFP
Short Url
Updated 22 June 2025

Saudi culture sector to triple GDP share to $48bn by 2030, says minister

Saudi culture sector to triple GDP share to $48bn by 2030, says minister

JEDDAH: º£½ÇÖ±²¥ plans to raise the cultural sector’s contribution to gross domestic product to 3 percent — or SR180 billion ($48 billion) — by 2030, up from under 1 percent, according to Minister of Culture Prince Badr bin Abdullah bin Farhan.

In an interview with Al-Eqtisadiah, the minister said the sector has already surpassed its previous 0.91 percent GDP share, with Vision 2030 targets being met ahead of schedule.

“Vision 2030 forms the foundation of the Ministry of Culture’s strategy and direction,†he said. 

“By 2030, we envision a cultural environment that nurtures talent, encourages innovation both locally and internationally, and supports the flourishing of creative and cultural enterprises.†Prince Badr said in the interview. 

“Ultimately, our goal is to increase the sector’s contribution to GDP to 3 percent, equivalent to SR180 billion,†he said. “This represents the core mission of the Ministry of Culture and its affiliated bodies in driving an ambitious cultural transformation.â€

Since the ministry’s founding in 2018, employment in the sector has jumped 318 percent, while the number of cultural graduates reached 28,800 in 2024, up 79 percent from 2018. The ministry has also issued over 9,000 licenses, while cultural associations and amateur clubs surged from 28 to 993.

“One notable outcome is the increase in the percentage of citizens who believe culture is important—from under 70 percent to 92 percent,†Prince Badr said. The ministry also oversees national celebrations such as Founding Day and Flag Day and has documented 9,317 antiquities sites and 25,000 urban heritage locations.

º£½ÇÖ±²¥ has now met its Vision 2030 target of having eight UNESCO World Heritage sites, with Al-Faw joining the list in 2024. Cultural event attendance exceeded 23.5 million between 2021 and 2024, and major festivals such as the Red Sea Film Festival and Islamic Arts Biennale have become global draws.

The Cultural Scholarship Program has awarded scholarships to 1,222 students studying at over 120 institutions across countries, including the US, the UK, and France. The program’s flexible design — no age limit or required academic background — has broadened participation. “Today, scholarship recipients are pursuing degrees in fields such as music, theater, and visual arts,†the minister said.

Through the Cultural Development Fund, the ministry has disbursed SR377 million to more than 120 projects. “Key areas of growth include heritage, music, and fashion. More than 1,200 creatives and entrepreneurs have benefited from its development services,†he added.

“Globally, there is increasing recognition of culture’s role in sustainable economic value creation,†the minister said. “Our role is to preserve and promote cultural identity while making it accessible and economically valuable.â€


Global spotlight on Riyadh as Biban Forum 2025 opens

Global spotlight on Riyadh as Biban Forum 2025 opens
Updated 05 November 2025

Global spotlight on Riyadh as Biban Forum 2025 opens

Global spotlight on Riyadh as Biban Forum 2025 opens
  • 40,000 participants from more than 150 countries attend the four-day forum in Riyadh.
  • Billions of riyals in potential agreements expected as investors and startups converge.
  • Entrepreneurship World Cup Global Finals hosted for the third consecutive year.

RIYADH: º£½ÇÖ±²¥â€™s flagship entrepreneurship event, Biban Forum 2025, opened in Riyadh on Wednesday, drawing tens of thousands of investors, innovators, and business leaders from around the world as the Kingdom strengthens its position as a global hub for startups and small businesses.

Organized by the Small and Medium Enterprises General Authority under the theme “Global Destination for Opportunities,†the four-day event at the Riyadh Front Exhibition and Conference Center has attracted more than 140,000 participants from over 150 countries, including startup founders, venture capitalists, policymakers and CEOs.

With billions of riyals in potential deals and hundreds of international companies participating, Biban Forum has become a cornerstone of º£½ÇÖ±²¥â€™s drive to diversify its economy and foster innovation under Vision 2030.

“Biban Forum 2025 is more than an event — it is a bridge between ideas and investment, where local and global entrepreneurs find the support they need to scale,†said Monsha’at Gov. Sami Ibrahim Al-Hussaini.

It also hosts the Global Finals of the Entrepreneurship World Cup for the third consecutive year, held in partnership with the Mohammed bin Salman Foundation and the Global Entrepreneurship Network.

The 2025 EWC finals bring together 100 global startups from a pool of over 10,300 entrepreneurs across 169 countries, competing live on stage in Riyadh for $1.5 million in cash prizes and access to international investors and mentors. Since its launch, the competition has attracted more than 420,000 entrepreneurs from 191 countries.

Coinciding with the event, Monsha’at released a report highlighting the rapid progress of the Kingdom’s startup ecosystem. It showed 1.7 million active commercial registrations by the end of the third quarter of 2025, with SMEs employing more than 8.4 million people.

The report also pointed to gains in key sectors. Women’s workforce participation rose to 43.5 percent, inbound tourism spending climbed 9.7 percent in the first quarter, and the real estate market continued to expand, with 47,286 off-plan residential units licensed in the third quarter.

The e-sports industry grew 72 percent year on year, while financing to small and medium enterprises increased 20 percent, with commercial banks accounting for 96 percent of total lending.

“As º£½ÇÖ±²¥ accelerates its transformation into a premier hub for entrepreneurship and opportunity, Biban Forum serves as a powerful platform to showcase talent, unlock partnerships, and contribute to the goals of Saudi Vision 2030,†Al-Hussaini said.