CJ, Saudi Arabia eye collaboration in entertainment industry

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CJ, Saudi Arabia eye collaboration in entertainment industry

Published: 25 Sep. 2024, 18:36

KIM JU-YEON
kim.juyeon2@joongang.co.kr

CJ Group Chairman Lee Jae-hyun, left, talks with Saudi Minister of Tourism Ahmed Al-Khateeb in Riyadh on Sept. 4. [CJ GROUP]

CJ Group Chairman Lee Jae-hyun met with Saudi Arabian state officials in Riyadh to discuss ways to develop the country’s entertainment industry and cultural soft power, as the Korean retail and media giant eyes expansion into the Middle East and North Africa.

Chairman Lee met with representatives from Saudi Arabia’s Ministry of Culture, Ministry of Toursim and the General Entertainment Authority in the kingdom's capital city upon their invitation for four days from Sept. 4, the company said Wednesday.

The authorities are key figures in the Middle Eastern country’s long-term strategy, “Vision 2030,” that aims to diversify its economy and reduce its dependence on oil exports. The initiatives include attracting global leisure tourists and improving quality of life through cultural activities.

Heads of key CJ affiliates including entertainment producer and retailer CJ ENM and CJ Finance were also present.

They discussed ways to cooperate on fostering Saudi Arabia’s culture industry, according to CJ Group. The company has organized KCON, CJ ENM’s annual K-pop concert and convention event, in the country for two consecutive years.

Chairman Lee said he was “impressed by Saudi Arabia’s potential growth and depth in the culture industry” during a meeting with the authorities, CJ said.

CJ Group said it plans to look for more business projects in the Middle East and North African region starting with Saudi Arabia, where the government’s financial support and potential for growth is large.

“The company plans to expand into the Middle East, where K-culture is expected to increasingly become popular, through a network with Saudi Arabia, and use [the country] as a springboard for global business expansion,” CJ ENM CEO Yoon Sang-hyun said.

BY KIM JU-YEON [kim.juyeon2@joongang.co.kr]