KAFD and RCRC Sign Agreement to Establish Riyadh Creative District’s First Phase, Advancing Saudi Arabia’s Creative Economy
The King Abdullah Financial District Development and Management Company (KAFD DMC) today signed a lease agreement with the Royal Commission for Riyadh City (RCRC) to establish the first phase of the Riyadh Creative District (RCD) in KAFD, further advancing Riyadh’s position as a global hub for creativity, media and cultural innovation.
The collaboration reinforces KAFD’s status as the Kingdom’s leading destination for creative talent and world-class cultural institutions.
The agreement was formalized during a signing ceremony at KAFD, attended by senior leaders from KAFD and the Royal Commission for Riyadh City (RCRC). As part of the partnership, RCRC will lease three landmark buildings within KAFD to house the first phase of RCD and accommodate its tenants.
Launched in February 2025 by the Board of Directors of the Royal Commission for Riyadh City (RCRC), under the patronage of His Royal Highness the Crown Prince Mohammed bin Salman, the RCD aims to bring together Saudi Arabia’s leading talent to produce compelling content, promote cultural exchange, and contribute to the Kingdom’s economic transformation in line with Vision 2030.
Earlier this year, the prestigious Italian fashion institution, Instituto Marangoni, inaugurated its Riyadh campus within RCD, marking a significant milestone in the development of the district.
Mohammed Alsudairy, Acting Chief Executive Officer at KAFD DMC, said: “This agreement with RCRC to establish the Riyadh Creative District’s first phase highlights KAFD’s commitment to shaping the industries of tomorrow.
By bringing together creative thinkers, business leaders, and cultural institutions in a single destination, we are opening doors for emerging talent and advancing Riyadh’s status as a global hub for creative and cultural innovation. The establishment of RCD within KAFD demonstrates our joint dedication to fostering a dynamic environment where culture and business flourish side by side, in line with the goals of Saudi Arabia’s Vision 2030 growth agenda.”
For his part, His Excellency Mazen Ahmed Tammar, Vice President of City Marketing and Investment Promotion at the RCRC, said: “Hosting the first phase of the Riyadh Creative District within KAFD reflects our shared vision of building Riyadh into a world-leading destination for creativity and innovation.
By anchoring this initiative in one of the capital’s most iconic districts, we are laying the groundwork for a dynamic ecosystem that will empower the creative community, nurture local creative talent, attract global partners, and advance Riyadh’s role as a cultural and economic hub in line with Vision 2030.”
KAFD is a key driver of Saudi Arabia’s economic diversification efforts, helping to attract global investment, talent and business to the Kingdom. The district is currently home to 19 regional headquarters and more than 140 commercial tenants, offering an integrated environment where business, culture and lifestyle converge.
In recognition of the importance of the creative sector for the social and economic future of Saudi Arabia, KAFD and RCRC will leverage this partnership to launch and expand RCD in KAFD, fostering an environment where creative industries can thrive, encouraging innovation and cultural expression.
