Amwal AlKhaleej Announces Acquisition of Stake in Leading Media Company
Amwal AlKhaleej, a regional, Riyadh-headquartered private equity firm, has acquired 25% of Dubai-based Right Angle Media FZ LLC. (Right Angle), an outdoor and out-of-home media company.
“This is our first investment in the growing media sector, and we are very excited by this unique investment opportunity,'''' said Ammar Alkhudairy, CEO of Amwal AlKhaleej. ''''Right Angle’s highly experienced management team and their ability to introduce innovative outdoor advertising platforms were the key factors in our decision to invest in this leading media company'''' added Alkhudairy.
“Having Amwal AlKhaleej on board will be tremendously beneficial as we expand in the region,'''' said Anup Jalan, Managing Director of Right Angle. “In addition to their sizeable investment, their intimate knowledge of local markets will be very helpful. We are optimistic about the growth opportunities that we can capture together."
Right Angle was incorporated in Dubai Media City in 2004 and has recently secured a contract from the Dubai Roads and Transport Authority (RTA) to install over 1,000 Bus Queue Shelters (BQS) across Dubai, while maintaining the rights to sell advertising on these BQS’ for over 10 years. This contract has made the company one of the dominant outdoor media players in the UAE, which boasts one of the fastest growing advertising markets in the region.
This first-of-its-kind project will create a large network of well-engineered and air-conditioned bus shelters. Right Angle’s investment in this project is a testament to its commitment to support RTA’s vision of providing “Safe and Smooth Transport for all." BQS advertising is an outdoor media concept that has proven to be very effective in many developed and emerging countries, including the U.S., U.K., Germany, Singapore and India. Throughout Dubai, it will offer passengers clean, stylish and air-conditioned bus stops.
Considering the strategic locations of these BQS’ and the large outdoor media exposure they offer, the visibility of advertising on the BQS’ will be very high. Each BQS combines mupi displays outside the BQS, as well as ads inside and on the BQS. Additionally, there is a provision to place two utility machines at each BQS to provide added convenience to passengers and passers-by alike. These utility machines can include ATM’s, phone booths, pre-paid card dispensers, bill payment kiosks and vending machines. The result of this project will be to provide comfort and convenience to passengers while waiting at the bus stop, thus encouraging the use of public transport.
Elie Haber, Managing Director of MindShare, a major media buying firm, said “The BQS medium is a great product and this is what the industry here lacks. The success of any outdoor media company depends on the locations of the media and traffic at these locations. The BQS’ cover all the epicenters of Dubai and therefore I believe that this will be the best outdoor advertising medium in the city."
Amwal AlKhaleej, one of the largest private equity firms in the region, recently announced its second partnership, Amwal II, after successfully deploying its first partnership, Amwal I. The firm currently has investments in several leading companies in the MENA region, and manages over SAR 2 billion in assets.
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