In a groundbreaking move, global media innovation leader Qvest and the Saudi Research and Media Group (SRMG), the largest integrated media group in the Middle East and North Africa, have announced a strategic joint venture that aims to revolutionize media, production, and technological services in the Kingdom of Saudi Arabia.
The joint venture, headquartered in Riyadh, is set to play a pivotal role in reshaping the media landscape by focusing on media innovation, technology, change management services, cloud storage, data analysis, media supply chain technologies, and content distribution. The collaboration has already kicked off initial projects with the ambitious goal of reaching full capacity by the first half of 2024.
The significance of this partnership is underscored by its alignment with the prominent mega-projects in the Kingdom, a move crucial for the strategic transformation outlined in "Vision 2030." This initiative reinforces the Kingdom's commitment to becoming a key player in the global media and entertainment sector.
With Saudi Arabia currently holding a substantial 30% share of the regional media market, this joint venture comes at a time when the Middle East and North Africa's media and entertainment sector is expected to witness exponential growth, exceeding 9% and surpassing $20 billion by 2026.
Mohammed Nazer, CEO of Finance and Investment at SRMG, emphasized the strategic importance of the venture, stating, "The establishment of this new joint project in Saudi Arabia is a significant step forward to elevate the media industry in the Middle East and North Africa." Nazer anticipates notable growth in the local and regional media and entertainment sector, positioning Saudi Arabia as a leading force over the next seven years.
The partnership leverages Qvest's global expertise alongside SRMG's robust regional capabilities to introduce cutting-edge technological solutions in Saudi Arabia. The collaboration extends across various sectors, including media, entertainment, communications, energy, industry, tourism, public sector, and sports.
Peter Noethen, CEO of Qvest Group, expressed optimism about the venture, noting, "Through this joint project, clients, SRMG, and Qvest will equally and sustainably benefit from shared expertise and insights." Qvest will bring its distinguished services in innovation, change management, cloud storage, data analysis, and media supply chain technology, complemented by SRMG's extensive capabilities in the Saudi media and entertainment sector.
The partnership builds upon the strong working relationship between SRMG and Qvest, evident in the successful development and installation of the East News Systems, a full IP-based multi-platform channel in Riyadh and Dubai. This channel has been instrumental in providing the latest media and information technology for live news coverage from the East.
As Saudi Arabia continues to position itself as a key player in the global media landscape, the Qvest-SRMG joint venture emerges as a catalyst for transformative growth, innovation, and sustainable development in the Kingdom's media and technology sectors. The collaboration holds the promise of shaping the future of media production and consumption in the region.
