Extending their long-standing cooperation, MBC Group has signed a five-year, strategic memorandum of understanding (MOU) and cooperation agreement with TV shopping network, Citruss World of Shopping.
The move aims to accelerate business investment, enhance the existing TV shopping experience and promote branding across multimedia platforms and various audio-visual communications. The two companies will further explore ways to unlock prospects for future investment opportunities in the Middle East and North Africa region.
The signing ceremony was hosted by MBC Group at its headquarters in Dubai, United Arab Emirates, taking place in the presence of MBC Group CEO, Sam Barnett; Chairman of Citruss World of Shopping, Jason Hong; and Citruss World of Shopping Director representing Valoris Capital, Walid Zein.
MBC Group CEO, Sam Barnett commented: “Multi-channel shopping is increasingly important in the region and Citruss has been one of those companies to ride this big new wave. MBC is proud to have worked so closely with Citruss in the past 12 years and to be associated with its success.
“Following the investment by Shark Shopping, we have renewed this relationship and look forward to even stronger co-operation in future.”
Commenting on the cooperation with MBC, Jason Kong, Chairman of Citruss World of Shopping, stated: “MBC and Citruss World of Shopping have been partners for the past 12 years. We are pleased to announce today that we have expanded the scope of this cooperation to a strategic partnership covering many areas.
“Combining the unparalleled TV audience of MBC with Citruss World of Shopping's experience in bringing the most curated products to the region will benefit our customers tremendously. We are looking forward to working with MBC to further develop the TV shopping sector in the region while expanding our digital commerce venues across all new formats that the region’s customers love.”
He continued: “This follows last year's strategic investment made in Citruss World of Shopping by Shark Shopping, the third largest TV shopping player in China. As such, the newly announced strategic partnership with MBC represents one more example of the successful bridges being built between China and the Middle East as part of the One Belt One Road initiative.”
Meanwhile, Walid Zein, Citruss World of Shopping Director representing Valoris Capital, said: “We have been investors in Citruss World of Shopping since 2014 and have witnessed the continuous expansion of its sales channels and geographic footprint over time. With the strategic investment from Shark Shopping concluded last year and this new long term strategic partnership with MBC, we believe the company is uniquely positioned to accelerate its growth, fully leveraging the synergies with the third largest TV shopping player in China and the premier broadcaster in the Middle East and North Africa region.
“We look forward to working with both of these strategic partners with whom we share the vision of delivering a unique multi-channel shopping experience in the region."