Saudi Awwal Bank & Cultural Development Fund sign financing agreement to support development of a new cultural museum in Riyadh

04/11/2026 06:27 AST

Saudi Awwal Bank (SAB) and the Cultural Development Fund (CDF) have signed a financing agreement to support the development of a new museum in Riyadh, offering visitors an interactive experience that explores aspects of the Kingdom's history and cultural heritage.

The agreement marks another step in strengthening their partnership to support cultural projects and reinforce the financial sector's role as an active partner in developing the cultural sector and the creative economy.

Yasser Al-Barrak, Chief Corporate and Institutional Banking Officer at SAB, said: "Saudi Arabia's cultural sector offers significant opportunities for investment and growth, with financing playing an important role in helping businesses bring ambitious cultural projects to life. Through our partnership with CDF, we are helping businesses access the financing they need to develop projects, expand their operations and contribute to the sector's continued development."

He added: "This collaboration supports the ambitions of Saudi Vision 2030 by encouraging greater private sector participation, creating economic opportunities and jobs, and contributing to a vibrant cultural landscape. It also demonstrates the role that financial institutions can play in supporting projects that celebrate the Kingdom's heritage and create engaging experiences for future generations."

Basil Al Alola, Chief Business Officer at the Cultural Development Fund, said: "At the Cultural Development Fund, we are working to expand the financing available to the cultural sector by encouraging the private sector and financial institutions to participate in financing cultural businesses and projects, and by developing financing solutions tailored to their needs and different stages of growth."

He added: "Our agreement with SAB reflects this approach by strengthening financial sector participation in financing the cultural sector and opening new financing channels that support the growth and sustainability of cultural businesses. It also reinforces the private sector's role as a key partner in developing the cultural sector and supporting its contribution to the national economy."

The financing builds on the cooperation agreement SAB and CDF signed on the sidelines of the Cultural Investment Conference 2025, which established a framework to expand cultural financing, improve access to financing for cultural businesses and projects, and strengthen their ability to grow, scale and sustain their operations.

Saudi Gazette