Thursday, March 2, 2023 – 9:05 PM
ABU DHABI, 2nd March, 2020 (WAM) — The Emirates News Agency, WAM, in cooperation with the global Investopia platform, today organized a round table entitled “The Future of Investment in the Media Sector,” with the participation of elite officials in the media industry and investors, as part of the activities of the Investopia 2023 conference, which kicked off today in Abu Dhabi, in the presence of More than 2000 people. His Excellency Abdullah bin Touq Al Marri, Minister of Economy, His Excellency Muhammad Jalal Al Raisi, Director General of the Emirates News Agency “WAM”, Nart Bouran, CEO of International Media Investments Holding Company, Pierre Choueiri, CEO of Choueiri Group, Moaz Sheikh, CEO of Stars, and Shihab Al Hammadi, member, participated in the round table. Assigned to Sharjah Media City. His Excellency Abdullah bin Touq Al Marri affirmed the UAE’s commitment to promoting the creative economy, which includes a range of sectors such as the media industry, cultural heritage, writing and publishing industries, software and video games.
His Excellency said that these industries contribute 3.5 percent to the UAE’s GDP, indicating that the state aims to increase this figure to 5 percent by 2031. His Excellency highlighted the importance of investment in the media sector for the UAE economy and discussed the country’s strategy to promote the creative economy. Where the UAE seeks to reach 5% in the next eight years. His Excellency stressed that the creative economy, which includes talents and the establishment of new media institutions, is the future of the economy. He also pointed out the importance of the entertainment industry, as the Covid-19 pandemic emphasized people consuming more content via the Internet. His Excellency explained that the Ministry of Economy has many ongoing initiatives aimed at issuing laws and regulations to promote economic growth, pointing out that the state has launched a number of incentives such as allowing 100 percent ownership.
He said that the UAE has implemented comprehensive economic partnership agreements and modernized its visa system, offering golden, green and independent visas to attract talent and support high-quality jobs and businesses. Our next focus is on strengthening the corporate structure and facilitating business operations to attract more investors, as the new 100 percent ownership law has already helped create 27,500 new licenses in 2021 alone, which marks a milestone in the history of the UAE, expecting this trend to continue and contribute to economic growth.”
The Minister of Economy praised the Emirates News Agency (WAM) and its pivotal role in promoting the future of media and starting investment in new media. He said, “The agency contributes effectively to shaping the future of media, and the Emirates News Agency is an example for news agencies through its leadership in new media initiatives and exploration of investment opportunities.” In this field, not only in the UAE but also globally.
His Excellency indicated that the country’s focus is currently focused on attracting investments in the areas of energy transition, financial technology, logistics and transportation.
For his part, His Excellency Mohammed Jalal Al Raisi said: “The media industry in the UAE is witnessing exceptional growth, thanks to the establishment of free zones equipped with advanced digital infrastructure, in addition to favorable legislation and regulations, as the business environment in the UAE has gained global confidence from international media companies, and the country provides A supportive climate for creative industries, which makes it one of the fastest growing media markets in the world.His Excellency indicated that the media and entertainment market in the UAE is expected to reach $30 billion by 2025, at a compound annual growth rate estimated at 6.6 percent.He added that The UAE is also the largest market for digital in the MENA region, with digital expenditures expected to exceed $2.1 billion by the end of this year.Al Raisi said that digital media, which includes digital , social media and broadcasting services, represents the future of the media industry According to PricewaterhouseCoopers data, the global media and entertainment services sector is set to expand to $2.6 trillion by 2025. Al-Raisi said: The world is going through the fastest and most There is a scientific and technological revolution in the history of mankind, as we enter the fourth industrial revolution, there is a rapid growth in the media industry, advanced technology and big data. Therefore, there is a need for more innovative investments in the media sector. His Excellency pointed out that the growing digitization at the global level has led to the growth of the digital market as well, stressing that competitiveness in the media sector is closely related to the development, professionalism and reliability of the media. He said that the Emirates News Agency enjoys a distinguished reputation among international agencies, pointing to the agency’s interest in strengthening its strategic partnerships with major media institutions in the world, adding that the agency has strengthened its presence at the international level as a reliable source of news.
During the roundtable, Nart Boran talked regarding the opportunities new media provides to fresh graduates, and stressed the importance of economic viability and diversification of investments in the industry. He also pointed out that commercial and financial success is a common goal of all actors in the industry. For his part, Pierre Choueiri, Chairman and CEO of Choueiri Group, emphasized the important changes in the industry, pointing to a radical change in this industry, highlighting the impact of the digital revolution and how it changed traditional methods, stressing that the future of the industry lies in generating revenue. from the entertainment sector. Moaz Sheikh, CEO and co-founder of Starz, indicated that when the work was started, it was difficult to predict consumer behavior, pointing out that the company launched its original Arabic production, which is produced, written and manufactured entirely in the UAE, and also witnessed rapid development in its services. provided to the public. For his part, Shehab Al Hammadi, Managing Director of Sharjah Media City (Shams), discussed the emergence of new media and how new tools have become a trend in the media at the present time, explaining the role of Shams and its aspirations to become a media center that provides innovative services at the global level.
Zakaria Mohieldin / Ahmed Al Nuaimi
