Cultural Development Fund and Riyad Bank sign a memorandum of understanding To empower businesses in cultural sector.

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Cultural Development Fund and Riyad Bank signed memorandum of understanding to develop Business Enablers Development Support Initiatives in cultural sector, signing ceremony held at King Fahad Cultural Center in Tuesday 31_08_2021.

Memorandum signed by CEO of Cultural development fund MR. Mohammed Bin Abdulrahman Bin Dayel and CEO of Riyad Bank Tariq Bin Abdulrahman Al-Sadhan.

This memorandum aims to design initiatives that serve the growth and development of 8 enablers for businesses and projects, these enablers including: foundational, operational, logistical, human, system solutions, procedural, intelligence and innovation, and partnerships, in addition, each enabler will get one of two designed program which are financial and nun-financial. The initiatives that will be developed will contribute to achieving a number of Saudi Vision 2030targets, as well as enhancing the Saudi Arabia ranking in global competitiveness indicators within the ease of business.

Mr. Mohammed Bin Dayel, CEO of Cultural Development Fund said: this memorandum comes under the joint cooperation with a number of institutions in the financial sector, due to the importance of studying and developing financial initiatives and programs for the business sector that help to implement projects for cultural events and activities, also working team will be created from Riyad Bank and Cultural Development Fund in order to design business models that implement the initiatives, and there will be cooperation and partnerships with several parties to integrate in implementing the initiatives that will be adopted from the outputs of the cooperation project with Riyad Bank.

On his part, CEO of Riyad Bank MR. Tariq bin Abdulrahman Al-Sadhan said this memorandum comes as a continuation of Riyad Bank excellency leadership in supporting the Saudi vision 2030 in all sectors, today we are gladly happy to participate in the cultural sector as banking partner with the Cultural Development Fund by working together in creating a roadmap for business enabler initiatives, which Riyad Bank is distinguished in providing solutions and business models for business enablers, which comes in line with the objectives of Saudi Vision 2030.

The Cultural Development Fund aims to add qualitative contribution in supporting the growing cultural sectors and encouraging the general cultural scene, in addition, participating in enabling the cultural strategy which considered one of main pillars of Saudi Vision 2030, Also its aims to developing suitable financing channels in cooperation with Saudi Banks, improving the quality of banking services for cultural sector facilities, enhancing digital banking services to develop products and services, raising the quality of ease of business in order to attract local and international investments, and working to raise the proportion of local content in the cultural sector system.

Riyad Bank considered as one of the largest supporters of Saudi Vision 2030 and its programs, also it has a center specialized in developing initiatives and business enablers that develops and innovates many diverse initiatives that are specifically designed to support business enablers for activities related to the targeted sectors, business facilities, supply chains, and providers of support and logistical services, In addition to motivating local and international investments through the Riyad Bank branches that are located in strategic places inside and outside the Kingdom, such as the London, Houston, and Singapore branches, these branches are managed by highly qualified professionals.

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