logo
From commitment to strategy — strengthening the private sector's role in Saudi culture

From commitment to strategy — strengthening the private sector's role in Saudi culture

Arab Newsa day ago
https://arab.news/nqwz5
Corporate investment in Saudi culture is growing. Long-term, well-structured partnerships can transform these contributions into a lasting asset for both companies and the Kingdom.
In recent years, Saudi companies have established themselves as active partners in the growth of Kingdom's cultural sector in alignment with Vision 2030.
Investments are supporting a spectrum of cultural initiatives, from museums, film festivals, and biennales to heritage programs and other platforms, creating visible momentum across the sector.
The opportunity now is to build on this foundation with initiatives that are more ambitious, sustained, and fully integrated into corporate strategy.
Internationally, leading companies have shown how cultural engagement can be embedded into long-term business planning.
Their approach goes far beyond event sponsorship. They commission new works, support multi-year programs, and integrate culture into the way they communicate identity and purpose.
These partnerships are not positioned solely as charitable acts; they are designed to build trust, strengthen brand equity, and create lasting connections with audiences.
In Saudi Arabia, the rationale for expanding the scope of cultural partnerships is particularly strong. The Kingdom's investment in its creative economy is not only focused on enhancing global visibility.
It is also building civic infrastructure that shapes a modern, confident society. Cultural institutions such as biennales, museums, heritage centers, and artist platforms have become key spaces for dialogue, education, and identity. For companies already contributing to this space, the next step is scaling their engagement through longer-term, more strategic commitments.
Cultural partnerships also activate corporate social responsibility and Vision 2030 objectives in meaningful ways.
While CSR can sometimes remain transactional, cultural engagement demonstrates values in action. It builds alignment with themes such as creativity, national pride, and heritage, while offering both visibility and substance. Funding exhibitions, artist residencies, or public cultural programming generates measurable outcomes that reinforce these values.
Global examples illustrate how structured partnerships create impact. Audemars Piguet's collaboration with Art Basel has resulted in more than 20 commissions that connect craftsmanship with contemporary art.
Lexus has demonstrated sustained commitment to design and innovation through its Lexus Design Award and its presence at Milan Design Week, where sustainability is a central theme.
UBS has invested over $40 million in cultural programming with the Guggenheim Museum, expanding artistic exchange across multiple regions. Bloomberg Philanthropies has committed approximately $83 million to cultural access and civic art, creating engagement through public projects and digital platforms.
These are investments that are carefully designed and sustained over time. Saudi companies are already making similar moves. Now is the time to take these efforts further, with programs that are more integrated, consistent, and closely aligned with long-term corporate objectives.
The benefits extend internally as well. Employees, particularly younger professionals, are drawn to organizations that show their values in action.
According to recent research, nearly two-thirds of professionals under 40 say that a company's CSR program increases their desire to perform well, and 64 percent report that it significantly improves job satisfaction.
Cultural engagement creates visible moments of pride and purpose within the company, strengthening cohesion while reinforcing its reputation externally.
Partnerships that deliver lasting value are those built with care. They reflect the company's identity, are developed in collaboration with cultural partners to demonstrate measurable outcomes.
Culture is not an accessory to business. It shapes perception and builds legacy. For Saudi companies, deepening investment in culture is not about starting from scratch. It is about strengthening work that is already underway so that it delivers greater relevance, influence, and long-term impact.
The private sector is already a vital partner in Saudi Arabia's cultural future. The task now is to build on this momentum with partnerships that are more strategic, sustained, and aligned with both corporate priorities and the long-term growth of the cultural sector.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Aramco resilient despite volatility thanks to low costs, financial strength: CEO
Aramco resilient despite volatility thanks to low costs, financial strength: CEO

Argaam

timean hour ago

  • Argaam

Aramco resilient despite volatility thanks to low costs, financial strength: CEO

Saudi Arabian Oil Co. (Saudi Aramco) has demonstrated strong operational resilience despite the recent market volatility, supported by a low-cost structure, strong financial position, and disciplined execution. Addressing the H1 2025 earnings call attended by Argaam, Nasser said Aramco's adjusted net income reached $50.9 billion, with free cash flow at $34.4 billion, maintaining a robust performance in the face of global turmoil. Additionally, the Saudi oil giant's net debt stood at 6.5%, while return on capital employed hit 19%, according to the top executive. He also pointed out that global oil demand averaged 105.3 million barrels per day (bpd) from January through August. The rate is expected to continue growing and rise by more than 2% in the second half of this year, driven by seasonal factors and improving economic activity in China and the US. Separately, global inventories remain tight at 3.6 billion barrels, supporting continued demand momentum through 2025, the CEO further stated. Aramco maintained 100% reliability in crude and product deliveries in H1 2025, with the second-quarter production amounting to 12.8 million barrels of oil equivalent per day (boe/d), up by 475,000 boe/d from Q1 2025. Executive VP and CFO Ziad Al-Murshed said Aramco achieved $3.5 billion in operational savings through SABIC integration, with ongoing portfolio restructuring across the group amid industry overcapacity. Aramco continues to shift capital from low-return assets to higher-yielding opportunities, including infrastructure projects that have drawn investor interest despite modest returns. Al-Murshed added that Aramco expanded its retail footprint with 250 new branded stations since 2024, and maintained H1 2025 capex at $25.5 billion, in line with its full-year target of $52-58 billion. At present, the Saudi oil giant is exploring multi-currency bond issuances, domestic sukuk, and secured export credit financing to support strategic growth, he underlined.

Itmam awarded project with Social Development Bank
Itmam awarded project with Social Development Bank

Argaam

time2 hours ago

  • Argaam

Itmam awarded project with Social Development Bank

Itmam Consultancy Co. won a contract for the Social Development Bank's (SDB) Dulani Business Center Operation 2025 project. In a statement to Tadawul today, Aug. 5, the company said the contract is valued at more than 23% of its 2024 revenues. The scope of the work includes the provision of non-financial services for projects, freelancers, and micro-enterprises, extending all the technical support and equipment as necessary. The project award letter was received at today's trading close, it added, noting that there are no related parties to the transaction.

Closing Bell: Saudi main index closes in green at 10,922
Closing Bell: Saudi main index closes in green at 10,922

Arab News

time4 hours ago

  • Arab News

Closing Bell: Saudi main index closes in green at 10,922

RIYADH: Saudi Arabia's Tadawul All Share Index edged up on Tuesday, as it gained 82.40 points, or 0.76 percent, to close at 10,921.85. The total trading turnover of the benchmark index was SR5.49 billion ($1.46 billion), with 164 of the listed stocks advancing and 83 declining. The Kingdom's parallel market Nomu, however, shed 38.57 points to close at 26,852.82. The MSCI Tadawul Index advanced by 0.8 percent to 1,408.36. The best-performing stock on the main market was Saudi Printing and Packaging Co. The firm's share price increased by 9.98 percent to SR12.12. The share price of Ades Holding Co. rose by 9.97 percent to SR14.45. Saudi Industrial Investment Group also saw its stock price climb by 8.3 percent to SR19.45. Conversely, the share price of United Cooperative Assurance Co. dropped by 7.91 percent to SR5.94. On the announcements front, Ades Holding Co. announced that its subsidiary ADES International Holding Ltd. signed an agreement to acquire all issued and outstanding shares of Shelf Drilling Ltd. In a Tadawul statement, Ades Holding revealed that the deal, valued at SR1.42 billion, will be funded through the company's existing credit facilities. The company added that this latest development could help the firm position itself as a global leader in the shallow-water drilling segment, with the combined entity operating a fleet of 83 offshore jack-up rigs, including 46 premium units, following the addition of 33 jack-ups through this new transaction. Founded in 2012, Shelf Drilling is an international shallow water offshore drilling contractor with rig operations across the Middle East, Southeast Asia, and India, as well as West Africa, the Mediterranean, and the North Sea. Saudi Cement Co. announced that its net profit for the first half of this year stood at SR204 million, representing a 1.44 percent increase compared to the same period in 2024. In the Tadawul statement, the cement manufacturer attributed the rise in net profit to an increase in sales revenue, a decrease in selling and distribution expenses, and a drop in finance charges. The share price of Saudi Cement Co. edged up by 0.57 percent to SR38.72. Bupa Arabia for Cooperative Insurance Co. reported a net profit of SR666.48 million in the first six months of this year, marking a decline of 12.76 percent compared to the same period in 2024. The stock price of the insurance firm declined by 3.91 percent to SR154.80. Taiba Investments Co. said that its net profit for the first half stood at SR238.4 million, marking a year-on-year rise of 29.84 percent. In a Tadawul statement, the company said that the rise in net profit was driven by higher operating revenues across the firm's various segments. Taiba Investment Co.'s share price edged down by 1.56 percent to SR39.10. Arabian Mills for Food Products Co. reported that it recorded a net profit of SR117.55 million in the first half of this year, representing an increase of 15.81 percent compared to the same period in 2024. According to a statement, this rise in profit was driven by higher revenues from the flour segment, along with improved management of administrative fees, as well as operating expenses, and lower finance costs. The share price of Arabian Mills for Food Products Co. rose by 0.59 percent to SR44.16. Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, widened its net loss to SR83 million in the first six months of this year, compared to an SR68 million loss it incurred in the same period in 2024. The share price of Cenomi Retail dropped by 3.83 percent to SR27.12.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store