The General Investment Authority(SAGIA) and the General Commission for Audiovisual Media(GCAM) signed on Tuesday 26 December 2017, a Memorandum of Cooperation (MoC)aimed at supporting the establishment of the audiovisual industry in the Kingdom and developing its competitiveness.
The MoC was signed by Eng. Ibrahim bin Abdul Rahman Al-Omar, Governor of the General Authority for Investment, and Mr. Rida Bin Mohammed Al-Haidar, Chairman-in-Charge of the General Commesion for Audiovisual Media.
The MoC stipulated the cooperation of GCAM and SAGIA to prepare access to investors and cooperate in identifying investors in the field of audio and visual media for the Media City project.
According to the MoC, GCAM will cover the challenges and obstacles facing the foreign investor in the sector it supervises by working with the relevant authorities to create a suitable environment for business.
Al-Omar was pleased with the MoC, commenting on it as being a pivotal step in shaping the national media that can compete worldwide.
He added that SAGIA will abide by this MoC and would support GCAM in identifying investment opportunities and suggesting incentives to attract investment.
Mr. Rida Alhaidar, stated that the MoC aims at promoting marketing for local and international investment as well as developing entrepreneurship in media field.
Alhaidar added that considerable effort is witnessed at GCAM to support the sector growth within the framework of National Transformation Program 2020.
SAGIA is moving forward with the development of investment with several public entities, while GCAM is putting its heart and soul in developing In all aspects of broadcasting, production and distribution through all traditional and new means. It is also concerned with the regulation of the visual and audiovisual content and is the only reference in these areas in the Kingdom to all governmental and private institution.