Saudi Cultural Development Fund partners with top banks to drive sector growth and sustainability

The Cultural Development Fund has announced the signing of five cooperation agreements with local banks. (Supplied/CDF)
Short Url
Updated 20 August 2024
Follow

Saudi Cultural Development Fund partners with top banks to drive sector growth and sustainability

  • The partnerships between the fund and the banking sector highlight their shared interest in enhancing the private sector’s role in achieving economic diversity and sustainability in the cultural sector, Al-Furaih said

RIYADH: The Cultural Development Fund, a key financial enabler of the Kingdom’s cultural sector, signed five agreements on Tuesday in Riyadh with leading local banks Al-Rajhi Bank, Alinma Bank, Banque Saudi Fransi, Arab National Bank, and Bank AlJazira.

These agreements will support the upcoming launch of the first financing solution of its kind in the Kingdom, aimed at bridging the public, private and nonprofit sectors to drive the cultural sector’s growth and sustainability.




The Cultural Development Fund has announced the signing of five cooperation agreements with local banks. (Supplied/CDF)

The fund plans to sign additional agreements with leading banks to diversify financing channels for the cultural sector. Through these partnerships, the fund will offer financing solutions for micro, small and medium-sized cultural enterprises, marking a significant step in sector-specific financing.

The fund will soon unveil financing options for enterprises in all cultural sub-sectors, aimed at stimulating the growth of cultural businesses and increasing private sector contributions to economic diversification.

Ibraheem Al-Sinan, head of editorial at Raff Publishing, said: “This signing is a strategic step toward enhancing and sustaining the cultural economy. The cultural sector is a key component of the creative economy, contributing directly to economic growth and income diversification.”




The Cultural Development Fund has announced the signing of five cooperation agreements with local banks. (Supplied/CDF)

Al-Sinan added that the agreements provide funding to support cultural projects, increase investment opportunities and reduce financial risks. This funding helps grow social and cultural capital, enabling publishers and creators to develop high-quality content, boosting the sector’s competitiveness locally and internationally, and contributing to GDP growth.

“These initiatives also create new jobs in the cultural market, positively impacting unemployment and supporting long-term sector sustainability,” Al-Sinan said.

Mohammed Al-Furaih, director of Obeikan Publishing, said diversifying funding sources and providing innovative solutions will empower cultural institutions to continue and expand.

He added that launching the first-of-its-kind financing solution in the Kingdom represents a major shift in sectoral financing, providing solutions tailored to the needs of micro, small and medium-sized cultural institutions.

The partnerships between the fund and the banking sector highlight their shared interest in enhancing the private sector’s role in achieving economic diversity and sustainability in the cultural sector, Al-Furaih said.

 


Saudi crown prince, Chinese premier in high-level talks

Updated 5 sec ago
Follow

Saudi crown prince, Chinese premier in high-level talks

RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman and Chinese Prime Minister Li Qiang on Thursday led discussions during the fourth meeting of the High-Level Saudi-Chinese Joint Committee.

With the aim of bolstering Saudi-Chinese relations, the talks focused on “focusing on strengthening the comprehensive strategic partnership between the two countries across all fields,” state news agency SPA reported.

They also touched upon key regional and international issues of mutual interest.

“Both parties commended the robust economic, trade, and investment relations between the two nations, with Saudi Arabia being China’s top trading partner in the Middle East and reciprocally, China being the Kingdom’s foremost trading partner,” a portion of the statement, issued after the meeting, said.

During the meeting, both sides discussed avenues to enhance cooperation across various fields, including politics, security, defense, energy, trade and investment, finance, science, technology, culture and tourism, SPA reported.


Saudi foreign ministry condemns Israeli targeting of UN school in Gaza

Updated 12 September 2024
Follow

Saudi foreign ministry condemns Israeli targeting of UN school in Gaza

RIYADH: The Saudi foreign ministry has condemned ‘in strongest terms’ the Israeli targeting of a UN school sheltering displaced Palestinians in Gaza, which resulted in the death of least 34 people including UN personnel.

Airstrikes hit the UN’s Al-Jawni Preparatory Boys School in central Gaza’s Nuseirat refugee camp, with the Israeli military claiming it was targeting Hamas militants planning attacks from inside the school.

 

 

“The Ministry of Foreign Affairs expresses the Kingdom of Saudi Arabia’s condemnation and denunciation in the strongest terms of the Israeli occupation forces’ targeting of a school housing displaced Palestinians in the Gaza Strip, which resulted in the deaths of a number of people, including employees of the United Nations Relief and Works Agency for Palestine Refugees in the Near East,” the foreign ministry said in a statement posted on X on Thursday.

The ministry also reiterated the Kingdom’s rejection of the continuation of Israel’s genocidal crimes in the Palestinian Territories and Gaza, as well as calls for an immediate ceasefire and the protection for civilians in the besieged territory.


Makkah deputy governor honors winners on final day of 6th Crown Prince Camel Festival

Updated 12 September 2024
Follow

Makkah deputy governor honors winners on final day of 6th Crown Prince Camel Festival

  • 107 elite camels competed on Wednesday in the final 4 races of the month-long event in Taif
  • The festival had a total prize pool of more than SR57 million

RIYADH: The deputy governor of Makkah Region, Prince Saud bin Mishaal, honored the winners of the sixth Crown Prince Camel Festival on the final day of the event in Taif on Wednesday.

The competitive action on the closing day featured four 6-kilometer races contested by 107 elite camels from several countries in the Gulf region.

In the first race, in the general Zamoul category, a camel called Madhaal claimed victory in a time of 9 minutes, 13.419 seconds, earning a cash prize of SR1 million ($267,000) for Saudi owner Hafeez Saeed Al-Marri.

The second race, in the open Zamoul category, ended with Barzan, belonging to Al-Shahaniya Camels from Qatar, taking the SR1 million prize in a time of 9:22.023.

Al-Dheeb, a Camel belonging to to Al-Siliya camels in Qatar, triumphed in the general Heil category in a time of 9:09.218 to secure the SR1.5 million prize.

And in the final race, in the open Heil category, Rahiya, another Al-Shahaniya camel, was the winner in a time of 9:06.368, also earning a SR1.5 million prize.

The total prize pool for the festival totaled more than SR57 million, which was shared by the local and international owners of winners in the various race categories.

Prince Abdulaziz bin Turki, the Saudi minister of sport and president of the Saudi Olympic and Paralympic Committee, thanked Crown Prince Mohammed bin Salman for his generous patronage of the festival.

He said this support reflected the unwavering commitment of the crown prince to the development and advancement of sport in the Kingdom, and in particular his dedication to the preservation of camel racing as a cherished tradition and integral part of Saudi heritage.

The festival began on Aug. 10 with preliminary rounds featuring 350 races. This was followed by an 11-day finals phase that featured 239 races in various categories, beginning with a marathon consisting of five stages.

The sixth staging of the festival coincided with the designation of 2024 as the “Year of the Camel” in Saudi Arabia, a celebration that recognizes the deep cultural significance of the animal in the Kingdom.


Saudi AI company implements 4-day working week

Updated 11 September 2024
Follow

Saudi AI company implements 4-day working week

  • Approach maintains full salaries, aims to boost job satisfaction

MAKKAH: Lucidya, a Riyadh-based artificial intelligence and customer experience company, has become the first private entity in the Kingdom to implement a four-day working week.

The approach maintains full salaries and does not increase daily working hours. It aims to boost employee well-being, productivity and job satisfaction.

Abdullah Asiri, Lucidya’s CEO, told Arab News that the decision reflected the company’s commitment to fostering innovation and cultivating an exemplary workplace environment.

He said: “At Lucidya we have been embracing unconventional work methods since our inception in 2016.

“We were early adopters of remote working and eliminated traditional time-tracking systems. Our philosophy centers on achievement rather than hours logged. We believe productivity is not constrained by working hours but by individual achievements.”

The decision to transition to a four-day week has led to notable results, he added.

Asiri said: “We have noticed increased enthusiasm and task completion since implementing this system, with no decline in performance.

“We believe a flexible working environment fosters innovation and creativity. Our team deserves full trust and support to achieve even greater successes.”

Asiri stressed that the new work model would not affect client services, adding: “This shift will enhance our commitment to service standards and continuous support.”

The CEO revealed that the decision was facilitated by the company’s existing work culture.

“Our employees already demonstrate a high commitment to achievement, unrestricted by time or location,” he said.

He added that Lucidya’s automated productivity measurement system and focus on output-based performance created a conducive environment for the bold move.

Elaborating on Lucidya’s work philosophy, Asiri said: “We have moved beyond the need for physical presence in the office or adherence to fixed daily hours.

“What matters is the quality and quantity of work delivered, regardless of where it is done.”

Asiri looks to a workplace in which employees are self-aware, aligned with the company’s methodology, and possess a strong sense of belonging.

He said: “In such an environment, everyone becomes proactive, takes initiative, and goes the extra mile for organizational success.”

Asiri said that those who underperformed while working would do so regardless of hours or strict attendance monitoring. 

Lucidya, which employs about 150 people and operates in the AI, customer experience, and marketing technology sectors, serves major corporations and government entities across 11 countries.

Asiri shared insights on the company’s transition to a four-day working week and its initial impact, saying: “We began psychological preparation early.”

This transition, initiated in August, started with two departments, following careful observation of team stability and performance metrics.

The new schedule, which gives employees Thursday through to Saturday off, aims to provide extended weekends, especially benefiting those commuting from different cities.

Asiri said employee response had been overwhelmingly positive, and added: “Beyond the obvious elation, we have seen a surge in employee pride. They appreciate the company’s tangible efforts to create an exceptional work environment, not just empty promises.”

Addressing potential performance concerns, Asiri said that while it was too early for definitive conclusions, initial observations were promising.

He added: “We have seen no indicators of performance decline. In fact, we are noticing increased productivity in some employees.”

He attributed this to improved mental well-being, heightened morale, and employees’ appreciation of the trust placed in them.

Transparency remains a priority for Lucidya, and Asiri said: “We commit to publishing a comprehensive public report on this decision’s impact once we have sufficient data.

“When employees feel genuinely comfortable in their workplace, their dedication and output naturally increase.”


Rising star triumphs in tech competitions

Updated 11 September 2024
Follow

Rising star triumphs in tech competitions

  • Success of Mariam Al-Ahmar, 23, is a rallying cry for Saudi women in tech

RIYADH: In an era where technology is shaping the Kingdom’s future, 23-year-old Mariam Al-Ahmar is emerging as an inspiration for Saudi Arabia’s young people seeking to contribute to their nation’s development.

A graduate of Prince Sattam University with a bachelor’s degree in software engineering, Al-Ahmar recently won first place in the Mediathon hackathon, a competition organized by the Ministry of Communications and Information Technology earlier this year in May.

She also secured third place in Tamkeenthon, a health-focused competition organized by the Authority for the Care of Persons with Disabilities from November 2023 to January this year.

Al-Ahmar’s success story has resonated throughout Saudi Arabia, leading to appearances on prominent channels including Al-Akhbariya's "120 Minutes" and MBC's "Good Morning Arabs."

Reflecting on her experiences in the Mediathon and Tamkeenthon competitions, Al-Ahmar described her journey as “enriching” and challenging.

Trying to identify a real-world problem that needed a solution required deep introspection and creativity, she said.

Al-Ahmar told Arab News: “Presenting and articulating this issue and its remedy to the judging committee was another obstacle. However, through effective teamwork with my dedicated colleagues, we successfully navigated these challenges and triumphed.”

In an age where technology often champions individual genius, Al-Ahmar’s story serves as a reminder of the importance of collective effort and support.

“The passion for technology fueled my pursuit of software engineering,” she said. “Prince Sattam University played a pivotal role in my journey by providing me with a solid educational foundation.”

When asked about the factors that set her work apart, Al-Ahmar said: “I attribute the distinctiveness of our work to a combination of innovative problem-solving approaches, meticulous attention to detail, and a collaborative team dynamic.”

She added: “These factors, coupled with a relentless pursuit of excellence, set our projects apart from those of our competitors.”

She offered advice to students aspiring to follow in her footsteps. “Always remember that challenges are opportunities for growth. Embrace them wholeheartedly and work with dedication and perseverance.”

“Utilize your education as a strong foundation to tackle real-world problems creatively. Lastly, never underestimate the power of hard work, determination, and continuous learning in achieving your goals,” Al-Ahmar said.