Qvest and the Saudi Research and Media Group (SRMG) announced an agreement to establish a joint project.
Project’s Objectives
This project aims to enhance media, production, and technological services in the Kingdom of Saudi Arabia.
It encompasses media and technological innovation, change management services, cloud storage, data analysis, media supply chain technologies, and content distribution.
By combining Qvest’s comprehensive experience in technology and projects with SRMG’s strong media presence and strategic location in the region, this joint project will provide exceptional support to companies within the vibrant Saudi market and beyond.
Qvest is the global leader in providing the latest innovations and services in the media industry while SRMG is the largest integrated media group in the Middle East and North Africa.
The joint project is headquartered in Riyadh. It has already begun work on initial projects, with the goal of operating at full capacity by the first half of 2024.
The partners have also identified other potential projects in the fields of media, entertainment, communications, energy, industry, tourism, the public sector, and sports.
Growth of Media Sector in MENA
The joint project ensures alignment of its business activities and growth with the requirements of prominent mega-projects in the Kingdom. The media and entertainment sector in the Middle East and North Africa is expected to grow by over 9%, surpassing $20 billion by 2026, outpacing global growth.
Saudi Arabia holds the first place in the regional media sector, accounting for nearly 30% of the market share.
Developing and nurturing the media industry is a key pillar of the Kingdom’s Vision 2030 strategic transformation plan. As a direct result of these developments and other major advancements, the media industry in Saudi Arabia will grow by over 10% annually by 2030.
Joint Project to Elevate Media in MENA
Mohammed Nazer, CEO of Finance and Investment for the Saudi Research and Media Group, stated that establishing this new joint project in Saudi Arabia is a significant and essential step to elevate the media industry in the Middle East and North Africa.
Nazer also added that the local and regional media and entertainment sector may experience noticeable growth under the leadership of Saudi Arabia over the next seven years.
Moreover, the CEO explained that this partnership leverages Quest’s global expertise and SRMG’s robust regional capabilities to provide state-of-the-art solutions to technological infrastructure in Saudi Arabia, ensuring support for key industries such as media, entertainment, communications, energy, tourism, sports, and more.
This partnership focuses on existing projects in Saudi Arabia and opportunities for collaboration with companies and institutions operating in these fields.
Powerful, Joint Project
Qvest will provide its outstanding services in innovation, change management, cloud storage, data analysis, supply chains’ technology, and content distribution in the media sector.
SRMG’s exceptional expertise and extensive capabilities in the media and entertainment sector in the Kingdom will support these services. Thus, this project will contribute to supporting the growing media production industry in Saudi Arabia.
Additionally, CEO of Qvest Group, said, “We have successfully implemented technology projects in the Middle East and North Africa region. Therefore, we are capable of contributing to innovation and progress projects in Saudi Arabia. Through this joint project, clients, SRMG, and Qvest will equally and sustainably benefit from shared experiences and insights. We will contribute to enhancing future businesses in the Kingdom and supporting its tremendous growth potential.”
SRMG -Quest Strong Relations
The Saudi Research and Media Group (SRMG) and Qvest already enjoy a strong working relationship. Qvest’s team has been responsible for the development and installation of systems for Al Sharq News. It is the multi-platform channel based on full IP technology in Riyadh and Dubai. This channel provides the latest media tools and information technology for live news coverage by Al Sharq.
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