Indian media and entertainment giant Eros Media World is moving into the rapidly growing Saudi Arabia market, entering a strategic partnership with Riyadh-based content production company Arabia Pictures Group.
The pair will explore opportunities in the film, technology and Web3 spaces and eye investments in content production, including end-to-end production, line production, distribution and more. They will also seek to introduce new technologies that can further the growth of the media and entertainment sector in Saudi. Eros and APG are already in the advanced stages of testing movie archive digitization and virtual location scouting technologies.
Eros further said today that it will partner in the Kingdom’s Vision 2030 framework, becoming the first media company of Indian origin to explore actionable opportunities.
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Vision 2030 is designed to reduce Saudi Arabia’s dependence on oil and diversify its economy with the local government planning to transform its film industry into a major economic contributor by investing approximately $6.9B in the sector. Since a ban on cinemas was lifted in the market, box office has been booming with Bollywood films notably among those drawing audiences.
Pradeep Dwivedi, Group CEO Eros Media World, noted, “Saudi Arabia is a strategic market for global organizations like Eros Media World. We aspire to be a frontrunner in not only getting a foothold in this burgeoning market but also contribute to the economy through our expertise. This partnership with Arabia Pictures Group is significant as it allows us to understand the market and introduce new concepts and technologies that are crucial to the growth of the sector in the region. Cultural similarities between India and Saudi Arabia will help accelerate this process and create value for stakeholders.”
Arabia Pictures Group CEO Roua Almadani said, “We have always been aspiring to partner with India, the top entertainment creators in the world, and now the dream has come true. I’m proud of the strategic cooperation with Eros Media World PLC, which is the first of its kind in the Arab world. This cooperation will create various job opportunities in entertainment production and filmmaking as well as new discovering young talents in the film industry in the Kingdom of Saudi Arabia and the Middle East.”
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