Saudi Arabia announced nearly $1 billion in new cultural investments, part of its drive to build a regional entertainment hub and attract more tourists.

Some of the funding, unveiled at the Cultural Investment Conference in Riyadh, will come from the state-backed Cultural Development Fund known as CDF and entities it supports, while a Chinese company is contributing roughly half.

Chinese media group ORI pledged to invest 2 billion riyals ($533 million) to establish its regional headquarters in Saudi Arabia, using the kingdom as its regional base to invest in movies, tourism and fashion, according to a statement by the Saudi Ministry of Culture.

The investments, announced at the Cultural Investment Forum in Riyadh earlier this week, will boost cultural spending, part of Crown Prince Moha

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