The Creative Economy, in the Kingdom

Scarcity, supply and demand, costs and benefits, and incentives are the four key economic themes that can be used to explain the mechanisms used by decision makers in the economic sector.

In keeping with these ideas, the creative economy is defined as a fast-rising economy, that is undergoing transformation in a variety of disciplines, including the cultural, scientific, technological, agricultural, and food industries. It also encompasses industries, goods, and services in the fields of history, media, and intellectual property rights, as well as design, museums, photography, and the arts, as well as job creation and entrepreneurship skills.

To encourage economic growth, improve job possibilities, and enhance exports, the creative economy accepts all ideas in those sectors and turns them from creative to commercial ideas. In all of the topics mentioned, the creative economy encourages collaboration between the public and private sectors in order to gather expertise and support local and worldwide investments.

According to a forecast published by Ernst & Young, the worldwide cultural and creative industries industry will grow to more than two trillion dollars in the next few years, creating over 30 million new jobs. In the Middle East and Africa, the report predicted that the cultural and creative industries industry will grow to $58 billion in the next several years, creating more than two million new jobs.

The opening of the Qiddiya Metropolis project, the world’s largest cultural, sports, and entertainment city, is an example of creative economy projects and efforts in the Kingdom of Saudi Arabia. Vision 2030 also envisaged the creation of the world’s largest living archaeological museum in Al-Ula, the world’s largest mud city in Diriyah, and the world’s largest airport in Neom. Riyadh has the world’s largest park, Sudair has the world’s largest solar energy plant, and Jeddah has the world’s highest skyscraper.

It is expected that the Kingdom’s creative economy will contribute 27% to opening investment fields for small and medium-sized business owners, as well as reduce unemployment by 29% and establish new international investment channels by 35 percent, resulting in a 24% increase in per capita income.

With the aim of enhancing the Kingdom’s position and economic growth, the Ministry of Culture announced in its strategy the launch of 27 initiatives, including: The establishment of the King Salman International Complex for the Arabic Language, the establishment of the “Nomu” Cultural Fund, the establishment of the Red Sea International Film Festival, the establishment of the National Film Archive, the cultural sabbatical program, a culture program, and honoring creativity Supporting cultural institutions and encouraging cultural production in 14 disciplines, including architecture, design, and writing.

Cultural and entertainment initiatives are a rich source of the Kingdom’s tourism business and are regarded as a magnet for investment organizations in the tourism and hotel fields, both worldwide and regionally, according to the Ministry of Tourism.

The King Abdulaziz Center for World Culture “Ithra” was established in the Kingdom, which is owned by Saudi Aramco, as one of the worldwide cultural edifices, as part of the Kingdom’s efforts.

As a center for innovation, the center seeks to help future generations translate their ideas into reality by supporting and growing creative businesses and the launch of global projects with local content.

Experts, inventors, and entrepreneurs also participate in lectures, dialogues, workshops, and advanced courses at the Ithra Center to promote the creative economy and support its application.