Qvest and SRMG have announced a joint venture aimed at enhancing media, production and technology services in Saudi Arabia, encompassing foresight and innovation, change management, cloud adoption, data and analytics, media supply chain technologies and content distribution.
The joint venture will strategically support businesses within the Saudi Arabian market and beyond.
Based in Riyadh, the joint venture has already started collaborating on its first projects, with the goal of becoming fully operational by the first half of 2024.
The partners have also identified several other potential projects for the joint venture across media and entertainment, telecommunications, energy, industry, tourism, public sector and sports.
This newly established joint venture is committed to ensuring that its business activities and growth are aligned with the demands of the country’s high-profile giga projects.
Mohammed Nazer, CFO and CIO of SRMG: “This partnership harnesses Qvest’s global expertise and SRMG’s regional strength, ensuring that we have the technological infrastructure in Saudi Arabia to bolster key industries like media and entertainment, telecommunications, energy, tourism, sports, and others.”
The media and entertainment sector in the MENA region are projected to increase by 9 per cent to exceed USD 20 billion by 2026.
As a direct result of this and other major developments, Saudi Arabia’s media industry is expected to grow by more than 10 per cent annually by 2030.
Peter Nöthen, CEO of the Qvest Group: “With this joint venture, we will create a structure where SRMG, Qvest, and customers benefit equally and sustainably from expertise and insights.
“We will strengthen future-oriented businesses in this country and boost its enormous potential.”
