A strategic alliance has been formed between Qvest, renowned for its media-centric solutions, and SRMG, to create a joint venture (JV) with the mission to elevate media, production, and technology services within Saudi Arabia.
The JV, headquartered in Riyadh, has already initiated its first series of projects and is on track to be fully operational in the first half of 2024, as disclosed in a recent announcement.
The collaboration between Qvest and SRMG has identified a variety of potential projects spanning multiple sectors, including media and entertainment, telecommunications, energy, industry, tourism, public services, and sports.
This new entity is dedicated to aligning its business endeavors and expansion with the strategic objectives of Saudi Arabia’s prominent projects.
Significantly, the media and entertainment sector in the Middle East and North Africa (MENA) region is projected to see a growth of 9%, surpassing $20 billion by 2026.
Within this regional media sphere, Saudi Arabia claims nearly a third of the market share and is anticipated to experience an annual growth rate exceeding 10% by the year 2030.
Commenting on the venture, Mohammed Nazer, the Chief Financial and Innovation Officer at SRMG, remarked, “The establishment of Qvest in Saudi Arabia through this JV marks a crucial advancement for the MENA region’s media ecosystem.”
Nazer further emphasized the expected substantial growth in the local and regional media and entertainment sectors, with Saudi Arabia at the forefront of this development over the next seven years.
Peter Nöthen, CEO of Qvest, expressed his optimism about the JV, stating, “This partnership will result in a synergistic structure benefitting SRMG, Qvest, and our clients through shared expertise and insights. Our goal is to invigorate business opportunities in Saudi Arabia and harness its vast potential.”