- Governments and investors in the Middle East are pouring money into Western media and entertainment.
- US investors are eager to take the money as other funding sources have dried up.
- Insider broke down the sources of funding from Saudi Arabia, Qatar, and United Arab Emirates.
Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment, and they’re finding plenty of takers.
Attention has focused on investments from Saudi Arabia, which is pumping money into entertainment, tourism, and other industries to diversify its economy and present itself as a cultural reformer. Many industry stakeholders who spoke to Insider described the Saudis as disciplined and sophisticated investors who see entertainment as an economic accelerator. The Saudi regime also is aiming to gain cultural capital by fostering and promoting projects that portray the kingdom positively to outsiders.
That funding might not have been so welcome five years ago, when Washington Post columnist Jamal Khashoggi’s murder — for which the US government held Saudi Crown Prince Mohammed bin Salman responsible — stoked outrage. Endeavor, the parent company of talent agency WME, the UFC, and other sports and media businesses, returned a $400 million investment to the Saudis, while other US companies cut Saudi ties. But time has passed, and some other sources of investment have dried up.
The channels for money from Saudi Arabia and other parts of the Middle East are complex. Along with the countries’ sovereign wealth funds, there are myriad private sources, but the lines between public and private are often blurred. In the UAE, for example, investment group IMI — which has interests in US media including Jimmy Finkelstein’s startup The Messenger — is part of the Abu Dhabi Media Investment Corporation, whose owner is a member of Abu Dhabi’s ruling family and also has personal investments in sports.
Insider broke down the key entities — their owners, leaders, and high-profile investments and joint ventures — in the top three Middle Eastern nations pouring money into US entertainment and media. Here’s a guide to who’s laying out the money and who’s benefiting.
Saudi Arabia
The Public Investment Fund (PIF)
The PIF is Saudi Arabia’s sovereign wealth fund, with more than $600 billion in assets. It’s led by Governor Yasir Al-Rumayyan, who is also the chairman of the oil company Saudi Aramco and chairman of Newcastle United — the PIF led a $409 million purchase of the English football club, taking an 80% stake, in 2021.
Among its US media and entertainment assets, the PIF took a nearly 6% stake in Live Nation in 2020 for $500 million. And it rattled the professional golf world in 2022 with the launch of LIV, a new pro league competing with the PGA that has weathered numerous controversies over its Saudi connections.
MBC Group
MBC Group is a broadcasting giant that is reportedly at least 60% owned by the Saudi government. It describes itself as the largest media company in the Middle East and North Africa and runs one of the largest TV news channels, Al Arabiya. The company runs general entertainment streaming service Shahid, which claims it is bigger than Netflix on subscriber numbers in the region.
In January MBC inked a deal for programming with Vice Media that in time could be worth $50 million, although MBC has editorial control in the region, according to an interview with Variety. One of Vice’s other backers, Netherlands-based Antenna Group, which operates free to air channels in Greece, also counts MBC as an investor. MBC has a 30 percent stake in the venture, according to reports.
MBC Group’s founder and chairman is Saudi businessman Waleed bin Ibrahim Al Ibrahim. Its Dubai-based CEO, is Sam Barnett, who returned to the company in 2020 after stepping down as chief in 2019. MBC’s former managing director, Peter Smith — who was previously an executive with Antenna Group, CEO of Cineflex Studios, and NBCUniversal International president — departed his role in January and was succeeded in February by former Amazon, Cineflex, and AMC exec Christina Wayne.
Saudi Research and Media Group (SRMG)
Publicly traded player SRMG is a big publisher of print and online magazines and runs marketing operations. It has close ties to the Saudi government of Mohammed bin Salman. Its CEO is Jomana R. Alrashid, who is also the chairman of the Red Sea International Film Festival’s foundation, which is on board as a co-producer of an upcoming Johnny Depp feature, “Jeanne du Barry.” The second Red Sea fest in Jeddah in December drew the likes of Sharon Stone, Bruno Mars, and Luca Guadanigno, and a third edition is planned for November.
Penske Media Corporation, the publisher of Deadline, Variety, and other entertainment trade magazines, has taken investment from SRMG, and Bloomberg Media is partnering with the company on an October summit in Riyadh.
Vince McMahon’s WWE was one of the first US companies to create unique events in Saudi Arabia. It has an agreement with the country’s General Entertainment Authority, chaired by Turki Al-Sheikh, to work together through 2027 and has committed to a major annual event.
Cultural Development Fund
Another Saudi investment source is the Cultural Development Fund, founded in 2021, which in March announced the launch of its Film Sector Financing Program, with $233 million to back local and international companies that want to support the Saudi film sector. The fund’s CEO is Mohammed bin Abdulrahman bin Dayel, who has degrees from George Washington University and American University.
Qatar
Qatar Investment Authority
Headquartered in Doha, the country’s main investment vehicle is the Qatar Investment Authority or QIA, which is led by CEO Mansoor bin Ebrahim Al-Mahmoud. Among its more recent investments is a $150 million growth capital infusion with Peter Chernin and Providence Equity’s production roll-up The North Road.
BeIN Media Group
BeIN is a Qatar state-owned sports and entertainment network broadcasting in the Middle East, Europe, Americas, and elsewhere. It was founded in 2014 and is headed by Nasser Al-Khelaifi, also the president of football club Paris Saint-Germain. In 2016, BeIN acquired the film studio Miramax for an undisclosed amount, selling 49% of it in 2020 to ViacomCBS (now Paramount Global).
Doha Film Institute
The Doha Film Institute is focused on developing the Qatari film industry. Founded in 2010 by H.E. Sheikha Al Mayassa bint Hamad bin Khalifa Al-Thani, it has backed independent films including animated drama “Loving Vincent” and Asghar Farhadi’s Oscar-winning “The Salesman.” In 2013, it made a $100 million deal with Participant Media to produce 12 or more films a year, but the venture was later scrapped, per The Hollywood Reporter.
United Arab Emirates
Abu Dhabi Investment Authority
The UAE has accelerated its efforts to become a media and entertainment hub that’s welcoming to Western companies. The Abu Dhabi Investment Authority, a sovereign wealth fund, has been partnering with Hollywood studios on projects since as far back as 2008. And Dubai Studio City has hosted major productions including “Star Trek Beyond” and “Mission Impossible: Ghost Protocol,” while Dubai Media City is home to companies like National Geographic and BBC News.
International Media Investments
International Media Investments (IMI) is a privately owned investment company whose portfolio includes The National newspaper, CNN Business Arabic, and interests in Sky News Arabia and Euronews. Led by CEO Nart Bouran, a vet of Sky News Arabia and Reuters, it has a minority investment in JAF Communications, Jimmy Finkelstein’s company that owns news startup The Messenger; IMI was a backer of US explainer site Grid News, which JAF acquired in March and has now shuttered, per Axios. IMI has also partnered with ex-CNN boss Jeff Zucker and RedBird Capital Partners on RedBird IMI to invest in media and entertainment.
IMI is a subsidiary of the Abu Dhabi Media Investment Corporation, which is owned by Sheikh Mansour bin Zayed Al Nahyan, also known as Sheikh Mansour, a member of Abu Dhabi’s ruling family who also has significant personal investments in sports, most notably soccer’s Manchester City.
Correction: April 3, 2023 — An earlier version of this story misidentified the leadership of the Qatar Investment Authority. It is led by CEO Mansoor bin Ebrahim Al-Mahmoud.
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