Latest news with #SaudiVision2023
Gulf Insider
12-04-2025
- Business
- Gulf Insider
Saudi Cinema's Blockbuster Rise: Billions Invested as Industry Booms
In just a few years, Saudi Arabia's film industry has transformed into a rising star on the global cinematic stage, fuelled by bold investments and visionary planning as part of the Kingdom's broader mission to diversify its oil-reliant economy. What makes the rapidly growing cinema industry so tick and what future is in store for it? Here's how the Saudi cinema has made big strides guided by an ambitious agenda. Broadly speaking, the kingdom's cultural and entertainment sector has flourished since Saudi Arabia launched in 2016 Saudi Vision 2023, an ambitious scheme designed to diversify its economy. Lynchpin of entertainment Saudi Vision 2023 envisages the entertainment sector will contribute about 3 per cent of the gross domestic product as well as create 100,000 jobs by the year 2030. The cinema industry underlines these ambitions. To achieve these objectives, Saudi Arabia has established several government agencies including the Film Commission, the General Entertainment Authority, and the Cultural Development Fund as well as state-of-the-art studios geared towards developing cinema infrastructure and supporting local and international productions. Investment inflow Saudi Arabia has pumped huge investments into galvanising its film industry and placing it on the global map since the kingdom reopened cinemas in 2018 for the first time in nearly four decades. The Saudi Entertainment Ventures operates as the investment and executive arm of the Public Investment Fund — the kingdom's sovereign investment fund — with an estimated capital of SR10 billion. Last year, the Saudi Film Fund with a total capital of SR375 million ($100 million) was launched. With a 40 per cent investment from the Cultural Development Fund, the nascent fund aims to invest in local and international film production. In the same vein, GEA last year unveiled a plan to set up an investment fund to support filmmaking in the Arab world. The Big Time Fund is tasked with upgrading the Arab content in producing, distributing and making films featuring leading actors in the Arab world. The state agency has recently announced shooting in Riyadh '7Dogs', a $40 million thriller touted as the film with the highest budget ever in the history of the Arab cinema. Revenue pouring in as screens shine Emerging as a magnet for renowned filmmakers and cinema icons from across the globe, Saudi Arabia has launched major pageants including the Red Sea Film Festival that debuted in December 2021. The festival's foundation has supported more than 250 filmmakers around the world, including some who participated in the Cannes Film Festival. Concomitantly, the number of well-equipped cinema screens has remarkably increased from just 45 in 2018 to 600 screens at 69 theatres across the kingdom in 2023. These efforts have drawn larger numbers of cinema-goers and translated into takings of SR3.7 billion in 2023. More than 61 million tickets were sold over the period from April 2018 to March last year when a total of 1,971 films, including 45 local productions, were screened across the kingdom, according to government figures. Films screened at Saudi theatres grossed around SR127 million in the first quarter of this year, recent figures have shown. The takings mark a 4% rise against the first quarter of last year. Reaching out to world Saudi filmmakers have, meanwhile, sought joint production opportunities mainly to overcome funding challenges, make use of partners' technical and artistic expertise and expand global markets for Saudi films. Saudi presence at major world film festivals is strong too. Last year, Saudi Arabia and China agreed to cooperate in the film industry. The Saudi Film Commission inked a memorandum of understanding with the Bona Film Group, a Chinese film producer and distributor. The pact envisaged cooperation in film distribution including Saudi movies in both countries, training, skill development and negotiations on establishing a joint film production fund. The governmental commission has organized several tours of other countries where Saudi films are screened. The 'Saudi Film Nights' tours aim at securing global exposure to film productions in the kingdom, supporting Saudi filmmakers, giving them access to a varied international audience and establishing solid links with international cinema forums to exchange expertise.
Tahawul Tech
17-02-2025
- Business
- Tahawul Tech
Etihad Salam Telecom Company announces partnership with EdgeNext
Etihad Salam Telecom Company, a leading provider of telecommunications services in Saudi Arabia, recently announced a partnership with EdgeNext at LEAP 2025. The collaboration aims to enhance the competitive telecommunications environment in Saudi Arabia, aligning with Saudi Vision 2023 and the objectives outlined by the Ministry of Communication and Information Technology (MCIT). The partnership focuses on several key initiatives aimed at strengthening EdgeNext's service delivery and network capabilities within the region. Starting with a cornerstone agreement involves EdgeNext collocating their servers in Etihad Salam Telecom Company's state-of-the-art data centers, enjoying competitive colocation and special internet access . This setting provides EdgeNext with secure, reliable physical infrastructure, enabling them to leverage Etihad Salam Telecom Company's facilities for optimum service performance and scalability. Amjad Arab, Chief Wholesale and Partnerships Officer at Etihad Salam Telecom Company, said: 'Our partnership with EdgeNext embodies our dedication to not just meeting, but exceeding the digital needs of our society. Through this collaboration, we are setting new benchmarks for connectivity and innovation in the realm of telecommunications and content localization.' Further consolidating the partnership, EdgeNext will procure internet services directly from Etihad Salam Telecom Company, ensuring access to robust and high-speed internet connectivity essential for their operations. Additionally, Etihad Salam Telecom Company will facilitate EdgeNext's peering connection with the Saudi Internet Exchange, significantly enhancing their network interconnectivity and access within the local digital ecosystem. Dajiang Li, General Manager at EdgeNext said: 'Joining forces with Etihad Salam Telecom Company accelerates our mission to deliver unparalleled content experiences to our customers. This is a testament to our commitment to leveraging leading-edge technology to enhance our service delivery and network efficiency.' This collaboration underscores Etihad Salam Telecom Company's role as a service provider and a crucial enabler in the telecommunications sector, contributing significantly to the broader objectives of Saudi Arabia's digital transformation strategy. Image Credit: Etihad Salam & EdgeNext
Zawya
16-02-2025
- Business
- Zawya
Etihad Salam Telecom Company announces partnership with EdgeNext
Partners will leverage server colocation, improved internet services, and enhanced network interconnectivity to offer enhanced connectivity, aligning with national digital transformation goals. Riyadh, Saudi Arabia: Etihad Salam Telecom Company, a leading provider of telecommunications services in Saudi Arabia, today announced a partnership with EdgeNext at LEAP 2025. The collaboration aims to enhance the competitive telecommunications environment in Saudi Arabia, aligning with Saudi Vision 2023 and the objectives outlined by the Ministry of Communication and Information Technology (MCIT). The partnership focuses on several key initiatives aimed at strengthening EdgeNext's service delivery and network capabilities within the region. Starting with a cornerstone agreement involves EdgeNext collocating their servers in Etihad Salam Telecom Company's state-of-the-art data centers, enjoying competitive colocation and special internet access . This setting provides EdgeNext with secure, reliable physical infrastructure, enabling them to leverage Etihad Salam Telecom Company's facilities for optimum service performance and scalability. Amjad Arab, Chief Wholesale and Partnerships Officer at Etihad Salam Telecom Company, said: "Our partnership with EdgeNext embodies our dedication to not just meeting, but exceeding the digital needs of our society. Through this collaboration, we are setting new benchmarks for connectivity and innovation in the realm of telecommunications and content localization." Further consolidating the partnership, EdgeNext will procure internet services directly from Etihad Salam Telecom Company, ensuring access to robust and high-speed internet connectivity essential for their operations. Additionally, Etihad Salam Telecom Company will facilitate EdgeNext's peering connection with the Saudi Internet Exchange, significantly enhancing their network interconnectivity and access within the local digital ecosystem. Dajiang Li, General Manager at EdgeNext said: "Joining forces with Etihad Salam Telecom Company accelerates our mission to deliver unparalleled content experiences to our customers. This is a testament to our commitment to leveraging leading-edge technology to enhance our service delivery and network efficiency." This collaboration underscores Etihad Salam Telecom Company's role as a service provider and a crucial enabler in the telecommunications sector, contributing significantly to the broader objectives of Saudi Arabia's digital transformation strategy. -Ends- About Etihad Salam Telecom Company Etihad Salam Telecom Company is one of the leading national companies in Saudi Arabia's telecommunications and information technology sector. Recognized as the Kingdom's fastest-growing and most innovative telecom brand, Salam has operated one of the region's most established telecom networks since 2005. The company provides cutting-edge ICT solutions for businesses, government entities, and carriers locally and internationally, along with fixed and mobile services supporting Saudi Arabia's digital transformation. As a key enabler of Saudi Vision 2030, Salam offers advanced telecommunications, cloud computing, data centers, and digital infrastructure. Its subsidiaries, Salam Mobile Telecom Company and Technical Links Services (TLS) ensure the delivery of innovative solutions and seamless connectivity across the Kingdom. For more information, please visit: About EdgeNext EdgeNext is a prominent leader in the global edge cloud services industry, with a robust infrastructure of over 1,700 edge nodes spanning more than 250 cities worldwide. The company has built strong interconnection partnerships with over 100 key operators across the globe, enabling it to deliver comprehensive edge cloud services, including networking, security, and computing, to meet the varied needs of its enterprise clients. As part of its ongoing commitment to expanding its presence and capabilities, EdgeNext has been actively growing its infrastructure throughout the Middle East and North Africa (MENA) region. This expansion allows EdgeNext to provide tailored, high-performance solutions for major Internet Service Providers (ISPs), local businesses, international organizations, and strategic partners, ensuring their specific needs are met with precision and efficiency.
