Qvest, SRMG form JV to boost technology services in Saudi Arabia

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Riyadh – Qvest, a global leader in media-focused practices and services, teamed up with SRMG to establish a joint venture (JV) aimed at enhancing media, production, and technology services in Saudi Arabia.

The Riyadh-based entity has started collaborating on its first projects and is set to become fully operational by the first half (H1) of 2024, according to a press release.

Qvest and SRMG also highlighted potential projects for the JV across media and entertainment, telecommunications, energy, industry, tourism, the public sector, and sports.

The combined entity is committed to ensuring that its business activities and growth are aligned with the demands of the country’s high-profile projects.

It is worth highlighting that the media and entertainment sector in the MENA region is forecast to increase by 9% to exceed $20 billion by 2026.

Saudi Arabia is considered to be a leading player within the regional media ecosystem, with nearly 30% of the market share.

The Kingdom’s media industry is expected to grow by more than 10% on an annual basis by 2030.

Mohammed Nazer, CFO and CIO of SRMG, indicated: “Establishing Qvest in Saudi Arabia through this JV represents an important step forward in elevating the media ecosystem in the MENA region.”

“Over the next seven years, the local and regional media and entertainment sectors are set to significantly grow, led by Saudi Arabia,” Nazer added.

Peter Nöthen, CEO of Qvest, stated: “With this JV, we will create a structure where SRMG, Qvest, and customers benefit equally and sustainably from expertise and insights. We will strengthen future-oriented businesses in this country and boost its enormous potential.”