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RIYADH: ������Ƶ’s cultural economy will see fresh momentum with the launch of the Audi Capital MENA Art Fund, a first-of-its-kind investment vehicle regulated by the Capital Market Authority. 

The new initiative was unveiled on stage at the inaugural Cultural Investment Conference in Riyadh, a two-day gathering designed to position culture as a central driver of the Kingdom’s Vision 2030 diversification agenda.

The fund is targeted exclusively at institutional and qualified clients and will focus on building value in the Kingdom’s art ecosystem through acquisitions, education, and events.

Speaking to Arab News, Daniel Asmar, CEO of Audi Capital and former MENA head of Sotheby’s, said: “It will be a fund that will invest in modern and contemporary artists from ������Ƶ and the MENA region mainly, however, it will have an allocation to global artists as well.

He added: “This will be the first regulated fund in the region, and we’re very proud to say that it will be regulated in ������Ƶ and established in ������Ƶ.”

Asmar explained that its mission is to bridge “the gap between the finance world and the art world and the cultural world,” bringing capital into artworks in ������Ƶ, and the Middle East.

He added that it will drive cultural and economic growth.

The governance structure, Asmar noted, is a key differentiator. “We’re going to have a board of directors, and we are going to have an advisory and acquisition committee, who are all expert leaders,” he said, adding: “We’re very proud of the service providers that we have selected.”

In addition, the fund will commit to quarterly events for artists, collectors and investors, designed to encourage dialogue about collecting and educate participants about the market. 

“We’re building an art ecosystem around that,” he said.

The launch was closely aligned with the conference’s message that culture is a strategic economic lever.

RIYADH: ������Ƶ’s Zakat, Tax and Customs Authority and the Ministry of Culture signed a cooperation agreement to enhance the organization, support, and sustainability of the Kingdom’s cultural sector. 

The agreement was signed by ZATCA Governor Suhail Abanmi and Deputy Minister of Culture Hamed Fayez during the Cultural Investment Forum 2025, held at the King Fahad Cultural Center.

Organized by the Ministry of Culture, the event will see the participation of more than 1,500 attendees and over 150 speakers of its two days.

Since the launch of Vision 2030, the cultural sector’s contribution to GDP has reached 1.6 percent, with the number of workers increasing to 234,000 and financial support approaching $2 billion in 2024. Infrastructure investment in the sector has surpassed SR81 billion. 

This first-of-its-kind forum in ������Ƶ aims to position the Kingdom as a leading global destination for cultural investment. 

The event also promotes culture as an attractive investment opportunity by presenting new funding models, forming strategic partnerships, and highlighting the role of cultural capital in driving inclusive and sustainable growth.