Prince Alwaleed-backed Rotana Media Group has announced that it has signed deals to produce over 50 new Arabic blockbusters in the next two years at an estimated cost of $36 million.
Rotana, in which Saudi billionaire Prince Alwaleed Bin Talal is a major shareholder, said in a statement that it has signed strategic partnerships with major Arab producers to film a significant number of movies.
Among the producers is Ahmad Al Sabki with whom Rotana plans to produce a number of movies with top Arab actors, directors and scriptwriters including actor Mohamed Ramadan, famous director Yousry Nasrallah and writer Tamer Habib, the statement said.
It added that Rotana is also cooperating with producer Walid Sabri in order to build a relationship to produce a number of movies with prominent star actors.
Rotana Media Group said its total investment in the Arabic movies industry has reached $281 million.
Turki Al Shabana, Rotana's CEO, said: "The production of new movies will lead to the reactivation of this important and strategic industry in the Arab world after it suffered deeply during the Arab Spring.
"Rotana strongly believes in the importance of the movie industry and the economic and cultural role it plays. Through these partnerships, we aim to include high-standard movies to the company's library, which is considered the largest in the Arab world."
Rotana Media Group is a diversified media company in the Middle East and is the world's largest producer of Arabic music and a key distributor and producer of Arabic movies.