When the past preserves the future

Islam Zween, Argaam CEO

A week ago, I attended a banquet in Riyadh hosted by a close friend. The rice was fragrant and rich in a variety of spices. One can’t miss the smell of cinnamon and cardamon. The roast chicken was topped with raisins, fried onions and perfectly steamed. The heritage Ruz Al Bukhari is one of the most memorable dishes one can ever have.

Ending the banquet with the Saudi coffee or ghahwa and dates is a fixture in the kingdom’s cultural culinary heritage, signifying generosity and warm hospitality.

As its dictionary definition indicates, cultural heritage refers to inherited things that are deeply rooted in a society, be it tangible cultural heritage as buildings, monuments, paintings and food, or intangible cultural heritage such as traditions, poetry and music.

But if we talk about the Saudi cuisine and its culinary delights, we also need to ask: is there business? Most exhibitions and events showcasing a nation’s cultural heritage don’t have clear business model as they aren’t obviously for profit. They are always supported by the ministry of tourism as a key stimulator of economic growth.

I argue that the Ruz Al Bukhari, dates and ghahwa can be counted as economic assets in this sense because of their cultural capital; namely, the thousands of years stored in a symbol that helps preserve the country’s cultural root for the future generations.

The UK Accounting Standards Board (ASB) provided the following definition of a heritage asset in the Financial Reporting Standard (FRS): A tangible asset with historical, artistic, scientific, technological, geophysical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture.

The interest in culinary products and traditions of any country implies that cultural heritage has become a key factor in in influencing tourists’ motivation in travelling to a particular destination.

According to a survey conducted by the European Commission, 20% of European visitors have exclusively cultural motivation, while 60% of European tourists are interested in discovering the cultural values and traditions of the places they visit.

Academic research in economic psychology also reveals that consumers seek consolation in the past and are emotionally attached to historical elements that convey the meanings of authenticity, confidence and stability.

From an economic perspective, unlocking the potential hidden value of a brand’s heritage may be one way of harnessing the past to boost economic growth of the present and the future.

‘A journey Through Time’ is more than a slogan of Saudi Arabia’s ancient wonder AlUla, when the kingdom unveiled the breath-taking touristic destination and the UNESCO World Heritage Site in 2019, as part of Vision 2030 to diversify economic resources with tourism at the forefront.

The kingdom also introduced in 2019 the e-visa scheme, welcoming millions of tourists and visitors from around the world. Domestic and international tourists spent over SR 250 billion in 2023. This expenditure represents over 4% of GDP and 7% of the non-oil GDP reflecting the crucial role of tourism in diversifying Saudi Arabia's economy.

As we have corporate communications, I call our cultural and touristic gems as heritage communications, which’s actually part of the broader heritage marketing construct. A country can present its cultural touristic heritage though a diverse range of elements including local dishes, specific architecture and traditional handicraft products.

In his book “A Culture of Growth”, American economics and history professor Joel Mokyr describes culture as “a set of beliefs, values, and preferences, capable of affecting behaviour, that are socially transmitted and that are shared by some subset of society”.

And the masterpiece ‘Wealth of Nations’ by the father of modern economics, Scottish philosopher Adam Smith, culture dictates which countries become wealthy and which do not.

A country’s brand heritage can be then a competitive tool as it enters international markets. Culture heritage is indeed a treasure for marketing executives in any country proud of its ancient history.

Both the brand heritage and cultural heritage have become so interlinked in today’s economy, enabling countries to make the best of their historical strength. Let’s talk then food, art, music and artifacts. Economics isn’t only about pure balance sheets, Eurobond and spillover effect.

Islam Zween, Argaam CEO.