Indian media and leisure firm Eros Media World is getting into the Saudi Arabian market through a partnership with Riyadh-headquartered Arabia Footage Group (APG).
APG, a content material manufacturing outfit, focuses primarily on the MENA area. Eros and APG will discover strategic and enterprise alternatives within the movie manufacturing, expertise, and Web3 areas, solely catering to the Indian leisure business. The 2 firms are already within the superior phases of testing film archive digitization and digital location scouting applied sciences.
The partnership goals to faucet into Imaginative and prescient 2030, the Saudi Arabian authorities’s strategic framework to maneuver away from Saudi Arabia’s dependence on oil to diversify its economic system and develop public service sectors corresponding to well being, training, infrastructure, recreation, media and tourism, which is pushed by the nation’s Basic Leisure Authority.
Bollywood movies have been enjoying properly in Saudi ever since Akshay Kumar’s “Gold” grew to become the primary Bollywood title launched in Saudi Arabia in 2018, shortly after its religion-related ban on cinemas was lifted in December of 2017.
As part of Imaginative and prescient 2030, the Saudi Arabian authorities plans to remodel its movie business into a significant financial contributor by investing roughly $6.9 billion within the sector. Saudi Arabia has been encouraging its households to extend spending on cultural and leisure actions, which has elevated from 2.9% to six% of GDP.
Abdulelah Alahmary, chair of Arabia Footage Group, mentioned: “The MENA area is eager for artistic mediums corresponding to arts and movies to play a extra distinguished function in shaping the economic system. This presents a fantastic alternative for us to make use of our mixed power and contribute to the sector’s progress. Collaborating within the East with Eros’ experience within the new age Web3 and blockchain area offers us an edge, and I’m sure that we’ll construct an ecosystem that can remodel the media and leisure business within the MENA area and past in direction of West.”
CEO Roua Almadani mentioned: “Now we have at all times been aspiring to companion with India, the highest leisure creators on the planet, and now the dream has come true. I’m pleased with the strategic cooperation with Eros Media World PLC, which is the primary of its sort within the Arab world. This cooperation will create numerous job alternatives in leisure manufacturing and filmmaking in addition to new discovering younger abilities within the movie business within the Kingdom of Saudi Arabia and the Center East.”
Joint initiatives between Eros and APG can be revealed imminently.
Pradeep Dwivedi, group CEO Eros Media World, added: “Saudi Arabia is a strategic marketplace for world organizations like Eros Media World. We aspire to be a frontrunner in not solely getting a foothold on this burgeoning market but additionally contribute to the economic system via our experience. This partnership with Arabia Image Group is critical because it permits us to grasp the market and introduce new ideas and applied sciences which are essential to the expansion of the sector within the area. Cultural similarities between India and Saudi Arabia will assist speed up this course of and create worth for stakeholders.”
Sister firm Eros Investments not too long ago solid a strategic partnership with the Dubai World Commerce Centre Authority to function below its specialist Digital Asset Regulatory Authority and allow the expansion of the Web3 business and its related blockchain companies from Dubai.
Eros previously had a partnership with STX, which ended with the Najafi group shopping for out STX Leisure and the renamed Eros Media World retaining a 15% non-voting stake within the firm.