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 joint venture aimed at enhancing media, production, and technological services in the Kingdom of Saudi Arabia.
The project encompasses media innovation, technology, change management services, cloud storage, data analysis, and media supply chain technologies, along with content distribution.
The joint venture, headquartered in Riyadh, has already commenced initial projects with the goal of reaching full capacity by the first half of 2024.
Both partners have identified additional potential projects in media, entertainment, communications, energy, industry, tourism, public sector, and sports.
The joint project ensures alignment of its business activities and growth with the prominent mega-projects in the Kingdom.
This strategic move is particularly pertinent, given the expected growth of the media and entertainment sector in the Middle East and North Africa, projected to exceed 9%, surpassing $20 billion by 2026 and outpacing global growth.
Currently, Saudi Arabia holds a substantial share, approximately 30%, of the regional media market.
This positions the Kingdom as a key player in the industry and aligns with the strategic transformation plan, “Vision 2030.”
Mohammed Nazer, CEO of Finance and Investment at SRMG, stated, “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.
Anticipated notable growth in the local and regional media and entertainment sector, led by Saudi Arabia over the next seven years, is expected.
This partnership leverages Qvest’s global expertise and SRMG’s robust regional capabilities to access cutting-edge technological solutions in Saudi Arabia, ensuring support for key industries such as media, entertainment, communications, energy, tourism, sports, and more.”
The partnership focuses on existing projects in Saudi Arabia and collaboration with companies and institutions operating in the Kingdom.
Qvest will provide its distinguished services in innovation, change management, cloud storage, data analysis, and media supply chain technology, and content distribution in the media sector.
These services will be supported by SRMG’s exceptional expertise and extensive capabilities in the media and entertainment sector in Saudi Arabia.
Consequently, the joint project will contribute to supporting the growing media production industry in the Kingdom.
Peter Noethen, CEO of Qvest Group, stated, “We have successfully implemented technology projects in the Middle East and North Africa, and therefore, we can contribute to innovation projects and progress in Saudi Arabia.
Through this joint project, clients, SRMG, and Qvest will equally and sustainably benefit from shared expertise and insights.
We will contribute to enhancing future business prospects in the Kingdom and supporting its immense growth potential.”
Saudi Research and Media Group and Qvest already have a strong working relationship.
Qvest’s team was responsible for developing and installing the East News Systems, a full IP-based multi-platform channel in Riyadh and Dubai.
This channel provides the latest media and information technology for live news coverage from the East.