As part of the Cultural Investment Conference organized by the Ministry of Culture at the King Fahd Cultural Center in Riyadh, a seminar titled “Beyond Profit.. Activating the Role of Philanthropy in Enhancing the Resilience of the Cultural Sector” was held yesterday evening. The seminar featured the participation of Figurative Philanthropy founder Sir Vernon Ellis, Morgan Library and Museum director Colin Bailey, ArtExplora founder Frédéric Jousset, and Galerie Kamel Mennour director Kamel Mennour, with journalist Mariana Ivenshtein moderating the session.

The seminar began with Sir Vernon Ellis highlighting that many young donors are moving away from supporting traditional and elitist cultural institutions, emphasizing the importance of supporting culture as a strong and meaningful heritage that enriches their lives and provides sustainable value beyond financial returns.

Dr. Colin Bailey stressed the need for philanthropy to evolve from merely reacting to crises to becoming a long-term strategic investment that contributes to enhancing cultural resilience and ensures sustainable growth.

Frédéric Jousset emphasized the need to shift from occasional charitable giving to sustainable and strategic philanthropy to create the desired cultural impact, especially for small institutions that require continuous support.

Kamel Mennour pointed to the emotional and empathetic impact of art, as well as its stimulation of creative behavior in communities, making it a fundamental tool for achieving societal well-being and prosperity.

The Cultural Investment Conference, organized by the Ministry of Culture from September 29 to 30, reflects the growing status of the Saudi cultural sector and the investment opportunities and qualitative initiatives that enhance the resilience and sustainability of creative industries.