Saudi Arabia boosts investment in art and fashion

Saudi Arabia’s cultural renaissance is taking shape, with the government backing a new university for the arts in Riyadh and a 300 million riyal ($80 million) fashion fund. The initiative aligns with the kingdom’s plan to boost the overall culture sector’s contribution to 3% of GDP by 2030 and create 300,000 jobs.

The university, the first of its kind in the kingdom, will open with three colleges: music, film, and performing arts, and will later expand to 13 disciplines. The fashion fund, anchored by the Cultural Development Fund and managed by Merak Capital, will invest in Saudi brands and supply chains. Just a few years ago public displays of music and art were forbidden, and both are now mainstream.