Secrecy still surrounds a massive $3.8 billion new media and entertainment project which has signed up support from more than 70 Arab celebrities, according to a report from Arabian Business.
Ali Alalyani, in his capacity as a representative of the project’s founders, and Hamid Ahmed Dakhil, CEO, announced that the regional celebrities will participate in the venture.
Ten percent of the project’s current valuation will be opened up to investors with talks expected to start soon in Saudi Arabia, the UAE, Kuwait and Bahrain.
No further details were given, with the only description of the venture being that it will "provide productive families and small business owners better reach of their products and services to their targeted market segments".
Nabeel AlMoalimi, the project’s founder, has also signed a memorandum of understanding with Headline Communication Media Corporation to promote cooperation between the project and the marketing and communication agency.
“There will be further distinguished partnerships with celebrities and strategic partners in the upcoming period,” said Dakhil. “The project is regarded as a unique investment project that would yield quite high returns in its holistic sense and we plan to serve it in a manner that suits its goals."
He added: “We have already managed to agree with and sign up more than 70 first class Arab celebrities, in addition to social media influencers of different categories and specialties to take part in this unique project. The number of celebrity participants is expected to exceed 200 by the end of 2017."
He did not say what role the celebrities would play.
The project has assigned KMPG to act as a strategic and financial advisor, with the project’s conservative valuation expected to reach $3.8 billion in five years.