Interview: Majed Abdulmohsen Al Hugail, CEO, Cultural Development Fund, on efforts to boost investment while maintaining authenticity
How can financing in cultural and creative industries be structured to ensure commercial sustainability while preserving authenticity?
MAJED ABDULMOHSEN AL HUGAIL: Investment in cultural sites works best when guided by a heritage-first framework. Conservation rules, design standards and visitor limits should be defined before commercial development, giving investors clarity while protecting the character of each site. Commercial sustainability then comes from diversified, quality-led revenue rather than footfall alone – such as curated experiences, cultural programming, hospitality and creative enterprises. A key example is Diriyah, where Saudi Arabia has combined public investment in conservation and infrastructure with private sector development in hospitality, museums and cultural programming. Strict architectural guidelines, the use of traditional Najdi materials and controlled activation help ensure the site remains authentic, while commercial elements support long-term financial sustainability.
Which role do micro-, small and medium-sized enterprises (MSMEs) play in unlocking value in the Kingdom’s cultural economy?
AL HUGAIL: MSMEs are the core of the cultural economy. Empowering them is essential to achieving Vision 2030’s goal of increasing small business’ contribution to GDP from 20% to 35%. Access to finance, grants, investment and capability-building enables small creative firms to scale, professionalise and contribute to ecofriendly growth across the cultural value chain, while supporting job creation and local economic resilience.
In what ways can cultural investment be integrated in major national development initiatives?
AL HUGAIL: Cultural investment is most effective when it is aligned early with national development strategies and incorporated into initial planning. Ensuring that cultural enterprises – such as heritage-based experiences, creative districts and cultural infrastructure – are included from the outset helps position culture as a core element of place-making, rather than an add on. This approach strengthens cultural identity, supports creative industries, and enhances the long-term economic and social value of major national projects.
By what means can financing instruments and strategic partnerships accelerate the development of experiential cultural industries?
AL HUGAIL: Experiential cultural industries grow fastest when supported by financing models that reflect their specific market dynamics, enable scale and bolster commercial capabilities. Different industries require different forms of support depending on their level of maturity and sustainability. Heritage and handicrafts often benefit most from grants, incubation and accelerator programmes, while partially sustainable sectors may require blended financing and advisory support. High-growth industries such as film, fashion and culinary arts are better served by access to credit and investment capital. Strategic partnerships, skills development and targeted financing help these industries scale, commercialise, and compete locally and globally while responding to growing international demand for authentic cultural experiences.
What mechanisms are most effective for mobilising private and global capital in the culture sector?
AL HUGAIL: Mobilising private and international capital requires creating investment-ready opportunities and reducing perceived risk within the sector. This can be achieved through partnerships with banks, financial institutions and asset managers; the development of institutional-grade investment vehicles; and financing structures tailored to the needs of cultural enterprises. Preparing firms to meet investor expectations is equally important, particularly in a sector facing a financing gap driven by rapid demand growth, expanding value chains and the emergence of new cultural industries.
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