February 15, 2022:  The Cultural Development Fund has signed a memorandum of understanding (MoU) with Saudi Exchange with the aim of advancing the cultural sector, promoting local art and content, bolstering innovation and production, and fostering national talent. These goals fall under the Kingdom’s commitment to enable the growth of cultural entities and projects.

His Excellency Mr. Mohammed bin Abdulrahman Bin Dayel, Chief Executive Officer of the Cultural Development Fund and Mr. Mohammad Al Rumaih, Chief Executive Officer of the Saudi Exchange signed the MoU.

The partnership focuses on raising awareness on the importance of sustainability and reinvigorates the commitment of companies listed on the Saudi Exchange regarding social responsibilities and related policies and practices. The MoU also highlights the Fund's active role in delivering creditable ESG expertise through various financing mechanisms that can amplify cultural and economic footprint and realize the National Culture Strategy objectives.

HE Bin Dayel, Chief Executive Officer of the Fund, said the agreement reflects the continuous efforts by the Fund in establishing and fostering strategic partnerships in the financial sector to advance leading initiatives and programs.

Mohammed Al Rumaih, CEO of Saudi Exchange, commented: “Recently, we released our ESG Disclosure Guidelines and are delighted to, now, sign this MoU with the Cultural Development Fund as another step in our commitment to advancing the Saudi capital market and Vision 2030. Our partnership will further raise awareness of the importance of adopting ESG practices and enable companies listed on the Saudi Exchange to recognize value beyond the balance sheet.” 

The Cultural Development Fund endeavors to foster the growing cultural sector, pushing forward the cultural scene and contributing to achieving the National Culture Strategy's goals as part of Vision 2030. The Fund also works to develop suitable financing channels in cooperation with several specialized entities as well as improve the quality of established services and digital banking to enhance products and services and increase efficiency. These efforts will culminate in attracting local and foreign investors and amplifying local content within the cultural ecosystem in the Kingdom.