There is a huge potential for growth in the media industry. People are demanding content with better quality SEE PAGE 17

dubai — The pace of progress that has characterised the UAE’s rise through the ranks on the international stage has been impressive, but there are still a lot of challenges that need to be overcome, experts at the World CEO Forum said.

Speaking in a panel session at the event, Majed Al Suwaidi, managing director of Dubai Media City, Dubai Production City, and Dubai Studio City, noted that the UAE is still a very new and young market when it comes to various business segments.

“Evolution takes time and there is enormous pressure to become more competitive,” he said. “However, what is fantastic about the UAE is that what has been done in the past 20 years is equal to the progress that would have been made over a 100 years. Change is happening very fast, and it requires certain building blocks.”

He noted that one of the industries that was highlighted by the leadership of the UAE as being extremely crucial to taking the country to the international stage was the logistics industry. “The freezones were created as a result of the vision to bring the world’s leading brands to the region, and to facilitate their expansion. Technology, education, and media are some of the other sectors that were pinpointed as being important.”

He added: “There is a huge potential for growth in the media industry. The people are demanding content with better quality. The focus on entrepreneurship by the leadership of the UAE has meant that we are raising the bar of what quality content creation is. The UAE has more than 200 nationalities living in it, so when it comes to content creation, we automatically have content that can compete on the international stage.”

Reim El Houni, CEO and founder at Ti22 Films & Dubai on Demand, said that there are still some challenges that need to be overcome in taking the Middle East region to the international marketplace.

“There is a hesitance in trying something new,” she said. “The trend has almost always been to adopt models that are already proven to be successful in other places around the world. The ecosystem has to support the growth that is taking place in the local industry. We are some of the biggest consumers of online content in the world. Right now, in a market that is extremely forward thinking, we need to match the demand for content with the production.”

Aby Sam Thomas, editor in chief of noted that the UAE is very wellpositioned to leverage its position, especially when it comes to startups. “When working on new projects, it is important to send out a signal and reach out to startups, not just the big conglomerates. You don’t have to go beyond the UAE’s borders to look for innovation. There is a lot of talent that is present in the country and you need to give it an outlet.”

There is a huge potential for growth in the media industry. The people are demanding content with better quality

Majed Al Suwaidi, MD, Dubai Media City, Dubai Production City, and Dubai Studio City