The Saudi Arabian General Investment Authority (SAGIA) and the General Commission for Audiovisual Media (GCAM) have signed an MOU to establish the audiovisual industry in Saudi Arabia.
The MOU states both parties will identify investors in the field of visual and audiovisual media for the Saudi Media City project.
SAGIA will support the memorandum by identifying investment opportunities and propose incentives and challenges to attract investments to the sector.
SAGIA also seeks to develop investments in the Kingdom by facilitating investors to enter the market and enhancing the business climate in partnership with several government agencies.
According to the memorandum, GCAM will be responsible for listing the challenges that foreign investors in the sector face. They will work with relevant authorities to create a suitable environment for foreign investors to do business.
His Excellency Eng. Ibrahim Al-Omar expressed the MOU is a gateway for cooperation to enable and cultivate the national media industry. With this partnership, the Saudi media industry will reach a level that will allow them to compete regionally and internationally, in line with Vision 2030 and NTP 2020.