Indian media and entertainment company Eros Media World is entering the Saudi Arabian market through a partnership with Riyadh-based Arabia Pictures Group (APG).
APG, a content production group, primarily focuses on the Middle East and North Africa region. Eros and APG will explore strategic and commercial opportunities in the film production, technology and Web3 spaces, to cater exclusively to the needs of the Indian entertainment industry. The two companies are already in the advanced stages of testing film archive digitization and virtual location exploration technologies.
The partnership aims to take advantage of Vision 2030, the government’s strategic framework for Saudi Arabia to move away from Saudi Arabia’s dependence on oil to diversify its economy and develop public service sectors such as health, education, infrastructure, entertainment, media and tourism. By the country’s General Entertainment Authority.
As part of Vision 2030, the Saudi government plans to transform the film industry into a major economic contributor by investing nearly $6.9 billion in this sector. Saudi Arabia encourages its families to increase spending on cultural and recreational activities, which has increased from 2.9% to 6% of GDP.
Abdulelah Al-Ahmari, President of Arabia Pictures Group, said: “The MENA region is keen that creative media such as art and film play a more prominent role in shaping the economy. This represents a great opportunity for us to use our combined strength and contribute to the growth of the sector. We are collaborating in the East with Eros’ expertise in Web3 and the new age blockchain gives us an edge, and I am sure we will build an ecosystem that will transform the media and entertainment industry in the MENA region and beyond towards the West. ”
Roa Al Madani, CEO, said: “We have always aspired to partner with India, the world’s best entertainment maker, and now the dream has come true. I am proud of the strategic collaboration with Eros Media World PLC, the first of its kind in the Arab world. This collaboration will create business opportunities. Various in entertainment production and filmmaking in addition to discovering new young talents in the film industry in Saudi Arabia and the Middle East.”
The joint projects between Eros and APG will be revealed soon.
Pradeep Dwivedi, CEO of Eros Media World Group, added: “Saudi Arabia is a strategic market for global organizations such as Eros Media World. We aspire to be the first to not only gain a foothold in this booming market but also contribute to the economy with our expertise. This partnership with Arabia Picture Group is important as it allows us to understand the market and introduce new concepts and technologies essential to the growth of the sector in the region. The cultural similarity between India and Saudi Arabia will help accelerate this process and create value for stakeholders.”
Eros previously had a partnership with STX, which ended with the purchase of the Najafi group STX Entertainment and the renamed Eros Media World retaining a 15% non-voting stake in the company.
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