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Saudi Arabia's Social Development Bank has launched the second phase of its "Art Bank" initiative to support visual artists and freelancers across the kingdom.
Similar to the Artist Pension Fund programme in the UK and US, the project aims to collect artworks of arts professionals in the Kingdom as part of a national collection programme for the future. The initiative contributes to enhancing the creative economy and achieving sustainable development whilst supporting the economic sustainability of artists and craftspeople and strengthening their presence in the cultural scene locally and internationally.
The "Art Bank 7" event aims to reach the largest possible segment of Saudi visual artists and freelance practitioners, enabling them to showcase their work and compete for acquisition opportunities by the bank, the Saudi Press Agency reported on July 28.
The initiative is implemented in partnership between the Social Development Bank and the Saudi Arabian Society for Culture and Arts. The second phase includes acquiring artworks to decorate the bank's branches in seven major cities, establishing visual identity for institutions in a contemporary style.
The programme aligns with leadership directives supporting creative industries and extends the objectives of the "Year of Handicrafts 2025" launched by the Ministry of Culture to highlight national craft heritage and empower practitioners.
Social Development Bank Chief Executive Engineer Sultan Al-Humaidi confirmed the bank's commitment to supporting the cultural and creative sector through three main tracks: paintings, handicrafts, and textiles.
Al-Humaidi emphasised the importance of institutional partnerships in achieving sustainable impact and the bank's keenness to nurture national talents whilst providing professional platforms for exhibition and acquisition.
Saudi Arabian Society for Culture and Arts Chief Executive Khalid Al-Baz said the initiative extends the society's vision of empowering the national creative sector and highlighting Saudi arts as a fundamental component of national identity.
The Art Bank platform was launched in 2022 as a distinctive initiative by the Social Development Bank in partnership with the Saudi Arabian Society for Culture and Arts to serve as a digital incubator for Saudi artists and freelancers.
The platform provides a professional marketplace for artists to market their work to meet the needs of government and private entities. It successfully supported 700 Saudi artists and craftspeople in 2024.
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