Uncategorized
Qvest and SRMG announce joint venture to drive media and technology innovation in Saudi Arabia
Qvest, the global leader in media-focused practices and services, and 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, encompassing foresight and innovation, change management, cloud adoption, data and analytics, media supply chain technologies and content distribution.
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. 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 USD 20 billion by 2026, outpacing global growth. Notably, Saudi Arabia is the leading player within the regional media ecosystem, with nearly 30% of the market share. The industry’s progress, evolution and innovation are a key pillar of the country’s transformation plan, Vision 2030. As a direct result of this and other major developments, Saudi Arabia’s media industry is expected to grow by more than 10% annually by 2030.
Mohammed Nazer, CFO and CIO of SRMG: “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. 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 primary focus of this partnership includes projects situated in Saudi Arabia and collaborative endeavors with companies and organizations operating in Saudi Arabia. Qvest will provide its world-class practices and services in areas such as foresight and innovation, change management, cloud adoption, data & analytics, media supply chain technologies and content distribution. This will be supported by SRMG’s unrivalled expertise, extensive knowledge and wide-ranging capabilities within Saudi Arabia’s media and entertainment landscape. With this, the joint venture will help transform the nascent yet expanding media production industry in the country.
Peter Nöthen, CEO of the Qvest Group: “We have been successfully implementing technology projects in the MENA region and are thus enablers of real innovation and progress in Saudi Arabia. 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.”
SRMG and Qvest already enjoy a strong working relationship, as the Qvest team was responsible for the systems integration of the full-IP based multi-platform TV station Asharq News Network in Riyadh and Dubai that supports state-of-the-art media and IT technology for Asharq’s live news coverage.
