News DeskRiyadh, Saudi Arabia – Media industry leader Qvest and MENA’s largest media group, SRMG, have announced a strategic joint venture to enhance media, production, and technology services in Saudi Arabia. The collaboration will focus on foresight, innovation, cloud adoption, data analytics, and more. With Qvest’s global technology expertise and SRMG’s regional strength, the venture aims to support Saudi businesses and contribute to the country’s Vision 2030 transformation plan.
Based in Riyadh, the joint venture has already initiated projects and plans to be fully operational by the first half of 2024. The partners are eyeing potential projects in media, entertainment, telecommunications, energy, industry, tourism, public sector, and sports. The media and entertainment sector in the MENA region is projected to exceed USD 20 billion by 2026, with Saudi Arabia holding a dominant 30% market share.
Mohammed Nazer, CFO and CIO of SRMG, emphasized the partnership’s significance in advancing the MENA media ecosystem. The joint venture aims to strengthen key industries and align with Saudi Arabia’s high-profile giga projects.
Qvest CEO, Peter Nöthen, highlighted their commitment to innovation and progress in Saudi Arabia, emphasizing the joint venture’s role in creating a structure that benefits SRMG, Qvest, and their customers. The collaboration builds on their successful history, including the systems integration for Asharq News Network.
The joint venture aligns with the rapid growth anticipated in Saudi Arabia’s media industry, set to surpass 10% annual growth by 2030, as the country continues to play a leading role in the regional media landscape.
