Collaboration to explore opportunities in the media-entertainment space
Eros Media World PLC (NYSE: EMWP), a global Indian media and entertainment company, has announced an association with Saudi Arabia’s Ministry of Investment (MISA) to develop investment opportunities and projects in the region.
As a part of this association, MISA will assist ErosMedia in its expansion in Saudi Arabia, forging local partnerships and engaging with multiple investors.
ErosMedia is committed to developing and producing content, enabling specialized knowledge transfer, and mounting feature films and episodic web-series – a full spectrum content ecosystem, enabled for web 3.0.
In August this year, ErosMedia announced its foray into the rapidly growing Saudi Arabian market to identify synergies with various Saudi Arabian government initiatives designed to foster growth in the media & entertainment, and technology space under its Vision 2030.
This partnership with MISA will allow ErosMedia to explore further suitable opportunities to expand and contribute to the government’s vision in the region.
Commenting on the association, Eros Media World Group CEO Pradeep Dwivedi said, “We have embraced the new age Web 3 revolution that is poised to alter this industry.
“We are thrilled to partner with the Ministry in its vision to accelerate reforms in the Kingdom.
“We are an over four-decade-old media company with a global footprint that always has leveraged technology as an advantage.”
The collaboration will allow us to explore opportunities in the media and entertainment space, contribute to the government’s vision, help strengthen Eros Media World’s position in the region and create value for our investors and stakeholders, said Dwivedi.
The Future Investment Initiative (FII) was announced in September 2017 by the Public Investment Fund (PIF), Saudi Arabia’s main sovereign wealth fund, in the context of the Saudi Vision 2030 program of economic and social reform.
Its goal is to catalyse positive impact in five focus areas: Education, Healthcare, Sustainability, Artificial Intelligence and Robotics which is achieved through working across three pillars – THINK, XCHANGE, ACT – to empower the brightest minds, create platforms for knowledge sharing and partnership and invest in real-world solutions that benefit everyone.
The Ministry takes a lead role in improving Saudi Arabia’s overall business environment, commissioning multiple market intelligence studies every year and developing local opportunities for joint ventures.
The vision is to place Saudi Arabia among the top performing markets for investments.
To promote Saudi Arabia as a world-class investment destination, attract and retain investors, and expand their investments, for the benefit of a sustainable national economic growth.
The two entities formalized their association at the sixth edition of the Future Investment Initiative (FII) held in Riyadh from 25-27 October 2022.
The event, established by the FII Institute with Public Investment Fund (PIF) as founding partner has convened the world’s foremost CEOs, policymakers, investors, entrepreneurs, and young leaders to shape the future of international investment and the global economy with Ministry of Investment as a Vision Partner and many other global strategic partners. fiinews.com
