Riyadh, Kingdom of Saudi Arabia – The Saudi Ministry of Culture announced today during the Cultural Investment Conference 2025 the signing of a Memorandum of Understanding with Asyad Holding a leading a consortium with Spark Lab Saudi Arabia and Lamar Investment Holding, to develop a prominent multi-purpose cultural landmark in Riyadh. This comes as part of the Ministry’s efforts to enhance private sector investments in the cultural field and to develop flagship projects that strengthen Riyadh’s position as a cultural destination.
The MoU focuses on developing a multi-purpose building that will host a talent and business incubator serving various cultural enterprises and practitioners in sectors such as film, music, theater, and visual arts. The project will provide a range of services and easy access to the tools, equipment, and spaces that cultural entrepreneurs and practitioners need to produce, innovate, and create. It will also enable them to enhance their capabilities, market their work, and expand its reach to broader audiences—thereby contributing to the sustainability and growth of the cultural sector, while creating new investment opportunities that boost the sector’s economic returns.
The MoU also includes several areas of cooperation, most notably working on the development of new projects and programs that foster sectoral growth, as well as opening channels of communication with leading companies and international expertise in the cultural field.
This MoU represents one of the Ministry of Culture’s initiatives to encourage and enable the private sector to actively participate in supporting and developing the cultural sector. It does so by creating diverse investment opportunities that maximize the value of cultural assets, in order to achieve the objectives of the National Culture Strategy—making culture a way of life, and culture a driver of economic growth.
