The primary focus of this partnership includes projects situated in Saudi Arabia and collaborative endeavours with companies and organisations operating in the region.
Qvest and Saudi Research and Media Group (SRMG) have announced a strategic partnership to establish a joint venture aimed at elevating media, production, and technology services in Saudi Arabia. The collaboration, based in Riyadh, brings together Qvest’s extensive technology and project expertise with SRMG’s influential media operations and strategic positioning in the region.
The joint venture’s focus encompasses foresight and innovation, change management, cloud adoption, data and analytics, media supply chain technologies, and content distribution. By leveraging Qvest’s global technology capabilities and SRMG’s regional strength, the collaboration aims to strategically support businesses in Saudi Arabia and beyond. The partners have already initiated collaboration on initial projects and anticipate being fully operational by the first half of 2024. Additionally, they have identified potential projects spanning media and entertainment, telecommunications, energy, industry, tourism, the public sector, and sports.
The joint venture aligns with the demands of Saudi Arabia’s high-profile giga projects, with the media and entertainment sector in the MENA region projected to surpass $20bn by 2026, growing at a rate of 9% and outpacing global growth. Saudi Arabia, holding nearly 30% of the regional market share, is a significant player, with the industry’s progress aligning with the Vision 2030 transformation plan. The annual growth rate of Saudi Arabia’s media industry is expected to exceed 10% by 2030.
Commenting on the deal, Mohammed Nazer, CFO and CIO of SRMG, said: “Establishing Qvest in Saudi Arabia through this joint venture 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. This partnership harnesses Qvest’s global expertise and SRMG’s regional strength, ensuring that we have the technological infrastructure in Saudi Arabia to bolster key industries like media and entertainment, telecommunications, energy, tourism, sports, and others.”
Peter Nöthen, CEO of Qvest Group, added: “We have been successfully implementing technology projects in the MENA region and are thus enablers of real innovation and progress in Saudi Arabia. With this joint venture, 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.”
The central emphasis of this collaboration extends to projects within Saudi Arabia and cooperative initiatives with businesses and organisations operating in the region. Qvest will contribute its globally recognised expertise and services, specialising in foresight and innovation, change management, cloud adoption, data & analytics, media supply chain technologies, and content distribution. Complementing this, SRMG brings expertise, profound knowledge, and diverse capabilities within Saudi Arabia’s dynamic media and entertainment sector. Together, the joint venture aims to play a pivotal role in reshaping the emerging and growing media production industry in the country.
Notably, SRMG and Qvest have a history of collaboration, with Qvest responsible for the systems integration of the full-IP based multi-platform TV station, Asharq News Network, supporting state-of-the-art media and IT technology for Asharq’s live news coverage in Riyadh and Dubai.
