Dwivedi says Saudi Arabia is a strategic market for global organizations
Eros Media World PLC (NYSE: EMWP) has entered into a strategic partnership with Riyadh-headquartered Arabia Pictures Group (APG) to explore business opportunities in the film production, technology and Web3 space exclusively catering to the Indian entertainment industry.
The two companies will explore investments in content production, such as end-to-end production, line production, distribution and more. The companies will also seek to introduce new technologies that can further the growth of the media and entertainment sector.
The partners are already in the advanced stages of testing movie archive digitization and virtual location scouting technologies.
With new-age blockchain and related technologies transforming businesses worldwide, the joint entity will focus on building an environment that supports decentralised and autonomous new economy growth creating a more equitable and empowering ecosystem for the entertainment community to thrive.
APG Chairman Abdulelah Alahmary said on 16 Aug 2022, “The MENA region is keen for creative mediums such as arts and films to play a more prominent role in shaping the economy. This presents a great opportunity for us to use our combined strength and contribute to the sector’s growth.
“We are collaborating in the East with Eros’ expertise in the new age Web3 and blockchain space gives us an edge. I am certain that we will build an ecosystem that will transform the media and entertainment industry in the MENA region and beyond towards West.”
Chief Executive Officer Roua Almadani added, “We have always been aspiring to partner with India, the top entertainment creators in the world, and now the dream has come true.”
“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,” added Almadani.
Pradeep Dwivedi, Group CEO Eros Media World Plc, elaborated, “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 Picture 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.” fiinews.com
