Good morning and Happy Halloween.
I saw some ghoulish decorations outside a house in Riyadh last night, illustrating a shift in cultural norms inside the kingdom where celebrating the holiday was once forbidden. My Uber driver was a woman, who would have been banned from driving prior to 2018. I can’t say what’s changed in Saudi Arabia as this is my first trip, but conversations with dozens of people across its capital suggest a genuine excitement with the reforms and modernization initiated by Crown Prince Mohammed bin Salman (MBS). For women, in particular, life is better.
There’s been plenty of debate about geopolitics in the halls of the FII Institute. What felt fresh were conversations about investing in arts and culture as a source of wellness, innovation and resilient growth. Anyone who has been to the historic city of Diriyah or read Saudi Arabia’s Vision 2030 knows that the goal is to create a global hub that embraces the old and the new.
Culture is also big business. Witness the success of Art Basel, which hosts annual art fairs in Basel, Hong Kong, Paris and Miami Beach. “We exist to power the careers of artists,” said CEO Noah Horowitz, “but also create inspiring moments of connectivity and ultimately transform cities … developing local ecosystems that can fundamentally shift people’s views of the society in which they live.”
I also spoke with Katherine Fleming, president and CEO of the J. Paul Getty Trust, which funds education programs, research, preservation, grants, and iconic Los Angeles museums. In addition to providing beauty, expression and opportunities to connect on a deep level, she notes that creating and consuming art is tied to wellness. “It makes us happy. It makes it possible for us to express emotion,” she said, “We know that looking at art reduces your blood pressure and gives you an endorphin rush.”
And, of course, it’s an investment. When I asked what each would do if someone gave them $100 million, Horowitz paused. “We’re a business that’s almost intentionally chaotic to create a moment of urgency,” he said. “What would an institution of permanence look like, where could we support and service the sense of place that the Getty has?”
And Fleming? “I’d be delighted to put their name on a fabulous new education facility around art for K-12 education,” she says. “Culture is core to the most fundamental form of human success.”
More news below.
Diane Brady
diane.brady@fortune.com
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