Riyadh: Qvest, the global leader in media-focused practices and services, and SRMG, the largest integrated media group from the MENA region, have agreed to establish a joint venture aimed at enhancing media, production and technology services in Saudi Arabia, encompassing foresight and innovation, change management, cloud adoption, data and analytics, media supply chain technologies and content distribution.

Through Qvest’s comprehensive technology and project expertise and SRMG’s strong media operations and strategic positioning in the region, the joint venture will strategically support businesses within the vibrant Saudi Arabian market and beyond. Based in Riyadh, the joint venture has already started collaborating on its first projects, with the goal of becoming fully operational by the first half of 2024. The partners have also identified several other potential projects for the joint venture across media and entertainment, telecommunications, energy, industry, tourism, public sector and sports.

This newly established joint venture is committed to ensuring that its business activities and growth are aligned with the demands of the country’s high-profile giga projects. The media and entertainment sector in the MENA region is projected to increase by 9% to exceed USD 20 billion by 2026, outpacing global growth. Notably, Saudi Arabia is the leading player within the regional media ecosystem, with nearly 30% of the market share. The industry’s progress, evolution and innovation are a key pillar of the country’s transformation plan, Vision 2030. As a direct result of this and other major developments, Saudi Arabia’s media industry is expected to grow by more than 10% annually by 2030.

Mohammed Nazer, CFO and CIO of SRMG: “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.”

The primary focus of this partnership includes projects situated in Saudi Arabia and collaborative endeavors with companies and organizations operating in Saudi Arabia. Qvest will provide its world-class practices and services in areas such as foresight and innovation, change management, cloud adoption, data & analytics, media supply chain technologies and content distribution. This will be supported by SRMG’s unrivalled expertise, extensive knowledge and wide-ranging capabilities within Saudi Arabia’s media and entertainment landscape. With this, the joint venture will help transform the nascent yet expanding media production industry in the country.

Peter Nöthen, CEO of the Qvest Group: “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.”

SRMG and Qvest already enjoy a strong working relationship, as the Qvest team was responsible for the systems integration of the full-IP based multi-platform TV station Asharq News Network in Riyadh and Dubai that supports state-of-the-art media and IT technology for Asharq’s live news coverage.

-Ends-

ABOUT QVEST:

Qvest provides holistic support to companies worldwide in their digital transformation. With a focus on success, more than 1,300 employees help their clients achieve future-oriented change with innovation and consulting services, systems deployments and ICT integration in technology and infrastructure projects and the development of software and digital products. Qvest's clients include numerous global brands from industries such as media & entertainment, telecommunications, automotive, health & pharmaceuticals, consumer goods, retail, transportation, and logistics, as well as organizations from the public sector. In addition to its headquarters in Cologne, the company operates additional locations across Europe, the USA, the Middle East, Southeast Asia, and Australia. www.qvest.com

Media Contact:
Matthias Reintgen​
Senior PR Manager
E: matthias.reintgen@qvest.com

ABOUT SRMG:

SRMG is the largest integrated media group from the MENA region. With a +50-year legacy responsible for many regional firsts, SRMG has built a portfolio of over 30 outlets – including Asharq Al-Awsat, Asharq Network which includes Asharq News and Asharq Business with Bloomberg, Arab News, Independent Arabia, Sayidaty, Hia and more. Through its diversified platforms, SRMG brings quality news and information to an audience of millions across four continents in seven languages. SRMG provides access to the biggest stories and issues, including exclusive news and in-depth analysis in an innovative way to help convey all regional and global events. As a champion of regional creativity, ideas, and innovation, SRMG has now expanded beyond media - diversifying its business to include book publishing, events and experiences, research and advisory, content production, venture capital and more. Leveraging its experience and knowledge of the region - and supported by global talent and partners - SRMG aims to unlock the possibilities of the future.

www.srmg.com

Media Contact:
Anthony Dykes
Senior Communications Manager
E: anthony.dykes@srmg.com