RIYADH: Under the patronage of Prince Bader bin Abdullah bin Farhan Al Saud, minister of culture and chairman of the board of directors of the Cultural Development Fund, CDF has signed an agreement to establish the Kingdom’s first dedicated investment fund in the fashion sector, with a total capital of SR300 million ($80 million).
The announcement was made during the Cultural Investment Conference organized by the Ministry of Culture at the King Fahad Cultural Center in Riyadh, held under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.
The fund, managed by Merak Capital with the Cultural Development Fund as an anchor investor, will focus on accelerating investments in the fashion sector, including companies, brands, and innovative projects with high-growth potential. It will also target the development of supply chains and related services, while adhering to global best practices in asset and risk management.
The establishment of this fund underscores the Cultural Development Fund’s role as a center of excellence and financial enabler for the cultural sector, introducing innovative financing and enablement solutions that amplify the sector’s economic and social impact, in alignment with the National Culture Strategy and Saudi Vision 2030.
The announcement was part of the inaugural Cultural Investment Conference — the world’s first event dedicated to positioning culture as an economic driver and an attractive sector for investment.
By introducing such landmark initiatives, the conference aims to support the growth of cultural industries and broaden investment opportunities, reinforcing the Kingdom’s vision of culture as a key contributor to economic diversification and development.
