Saudi Arabia announced a slew of new cultural funds and agreements worth more than 5 billion Saudi riyals (roughly $1.3 billion) at the first Cultural Investment Conference, including a partnership with Deutsche Bank and the immediate establishment of the Riyadh University of Arts. The two-day conference was held on Monday and Tuesday in the Saudi capital of Riyadh under the purview of Saudi Crown Prince Mohammed bin Salman (also known as MBS). According to the Saudi Ministry of Culture, the university will open in 2026 with courses in film, performing arts, and theater to start. Related Articles Bonhams to Stage First Saudi Exhibition Tracing Roots of Modernism Smithsonian Teams Up with Saudi Arabia's AlUla Project Amid Growing Cultural Ambitions Among the agreements signed at the conference was a memorandum of understanding with Deutsche Bank, the German multinational group renowned for its prodigious art portfolio and cultural initiatives. The agreement with Deutsche Bank covers training and mentorship programs, as well as two recurring events. The Saudi Ministry of Culture will host an international cultural delegation annually in Riyadh, Jeddah or another culturally significant spot in the Kingdom, while Deutsche Bank will organize an annual cultural delegation from Saudi Arabia to Frankfurt, Berlin, or London. Also of note from the conference was the Ministry of Culture and the Royal Commission for AlUla having signed a memorandum of understanding, signaling a deeper investment in the cultural infrastructure in AlUla, a sand and red sandstone oasis in northwest Saudi Arabia. In recent years, the Saudi government has pursued strategic partnerships with high-profile museums and arts organizations, including the Centre Pompidou, the Louvre, the Andy Warhol Museum, and Desert X, the California-based outdoor biennial. The vast economic scheme spearheaded by MBS—dubbed Vision 2030—includes opening more than 200 cultural attractions in the Saudi desert by its target year.
