The JV to become fully operational by the first half of 2024
Qvest, the global leader in media-focused practices and services, and Riyadh-based SRMG, the largest integrated media group from the MENA region, have agreed to establish a joint venture aimed at enhancing media, production and technology services in Saudi Arabia, according to a joint press communique.
Through Qvest’s comprehensive technology and project expertise and SRMG’s strong media operations and strategic positioning in the region, the joint venture will strategically support businesses within the vibrant Saudi Arabian market and beyond.
Collaboration
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. The media and entertainment sector in the MENA region is projected to increase by 9% to exceed US$ 20bn by 2026, outpacing global growth., the press note continued.
Step forward
“Establishing Qvest in Saudi Arabia through this joint venture represents an important step forward in elevating the media ecosystem in the MENA region. Over the next seven years, the local and regional media and entertainment sectors are set to significantly grow, led by Saudi Arabia,” commented Mohammed Nazer, CFO and CIO, SRMG.
“With this joint venture, we will create a structure where SRMG, Qvest, and customers benefit equally and sustainably from expertise and insights,” observed Peter Nöthen, CEO, Qvest Group.
