Saudi company Sela has signed a strategic agreement with Talaat Moustafa Group to launch a new alliance aimed at developing an integrated events and entertainment system in Egypt, combining entertainment, urban development, hospitality and quality of life.
The agreement was signed in the presence of Turki bin Abdulmohsen Al-Sheikh, Chairman of the General Entertainment Authority in Saudi Arabia, in a step aimed at developing event experiences and distinctive destinations in the Egyptian market, through cooperation between Sela, one of the Public Investment Fund's companies, and Talaat Moustafa Group, one of Egypt's urban development and integrated communities groups.
Al-Sheikh explained that Egypt is a safe and attractive market for investment, witnessing a clear path of development, infrastructure upgrades and ambitious projects, adding that the development and investment momentum Egypt is witnessing sends an important message to the world at this time.
He noted that the existing cooperation with Egyptian entities reflects Egypt's ability to host major global events and launch distinctive projects with a broad impact in the region, stressing that direct support from the political leadership and the relevant authorities in Egypt helped create the conditions needed to implement events and projects on the ground.
Al-Sheikh explained that the importance of the alliance is not limited to holding individual events, but extends to building an integrated system for major events in the region, by linking Saudi Arabia and Egypt on a single circuit capable of attracting artists, stars and international shows.
He added that having two large markets such as Saudi Arabia and Egypt gives the region greater ability to attract international artistic and entertainment tours, allowing an artist or international show to perform in Riyadh or Jeddah and then move on to Cairo, Alexandria, the North Coast or El Gouna, making the trip more worthwhile and turning it into an integrated regional tour.
He noted that Saudi-Egyptian cooperation can change the equation for attracting major events and make the region part of the global schedules of artists, bands and shows, stressing that this kind of integration requires large markets, a strong organizational structure and partners capable of delivering with high quality.
Al-Sheikh stressed that the new project could mark a qualitative leap for the entertainment sector in the region, noting that next year will see big surprises in the North Coast and other areas of Egypt, and that work is under way on distinctive projects that raise the level of the entertainment experience and offer a model befitting Egypt's status and its ability to host major events.
To view the post on the Saudi General Entertainment Authority chairman's Facebook account, click here.
