Saudi Arabia takes steps to boost private investments in heritage sector

The commission will launch local and international exploration missions and the target is to reach 95 missions by 2030: official

  
Image used for illustrative purpose. A traditional building stands in Asir Province, Saudi Arabia June 10, 2015.

Image used for illustrative purpose. A traditional building stands in Asir Province, Saudi Arabia June 10, 2015.

REUTERS/Angus McDowall
RIYADH: Saudi Arabia’s Heritage Commission has launched 100 projects and 34 initiatives to create investment opportunities for the private sector in the Kingdom’s heritage sector, said Jassir Al-Herbish.

The CEO of the commission told CNBC Arabia on Monday that the commission was working on 100 projects in the education sector, exploration companies, exploration missions, and on the activation of nonprofit organizations and the local community.

Al-Herbish said the commission will launch local and international exploration missions and the target is to reach 95 missions by 2030.

He said the commission has so far discovered around 10 percent of the Kingdom’s ancient archeological sites. Its goal is to discover 90 percent of the hidden treasures. Fifty initiatives will be launched by 2030 to achieve that goal, Al-Herbish added.

The commission unveiled its strategy for the development of the Saudi heritage sector on Sept. 29, which relies on eight main pillars to develop the nation’s culture as a lifestyle, for economic growth, and to enhance the nation’s international standing.

In 2021, it established the National Antiquities Register to record, manage and preserve archeological and historic sites in the Kingdom. There were 624 new archeological and historic sites recorded this year, with more than 8,000 locations registered so far.

Al-Herbish said the Saudi heritage is considered as an economic resource and the commission aims to transform the cultural heritage into a sustainable product by facilitating its management and financing.

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