Cityneon Expands its Presence in Middle East at Qatar Free Zones, Enhancing the Region’s Entertainment Technology Industry
New facility in Ras Bufontas Free Zone will
cater to growing entertainment technology markets in the EMEA region
Facility to include an international
experience and entertainment technology centre, innovation lab and a
large-scale production workshop
DOHA,
QATAR - Media OutReach -
13
December 2021 -Cityneon Holdings, a global entertainment company based
in Singapore that specializes in unique, immersive, and large-scale experiences,
signed in Doha a strategic partnership agreement with Qatar Free Zones
Authority (QFZA) to establish a facility in Qatar Free Zones. The facility will
cater to growing entertainment technology and experience markets in the Europe,
Middle East and Africa (EMEA) region.
QFZA and Cityneon Holdings officials during the signing ceremony held on 8th December 2021
Artist impression of Cityneon's new facility spanning 15,000 square meters in Ras Bufontas Free Zone
The
agreement was signed during a ceremony at Ras Bufontas Free Zone in the
presence of H.E. Ahmad Al-Sayed, Minister of State and Chairman of QFZA, H.E. Akbar
Al Baker, Qatar Airways Group Chief Executive and Secretary-General of Qatar's
National Tourism Council and H.E. Jai S Sohan, Singapore's Ambassador to Qatar,
as well as QFZA senior management. It was signed by QFZA CEO Lim Meng Hui and
Cityneon General Manager of Middle East Feroz Siddiqui. Cityneon's senior
management team, including Executive Chairman and Group CEO Ron Tan, joined
virtually from Singapore.
Cityneon's
new facility will be built across 15,000 square meters in Ras Bufontas Free
Zone, and will include an international experience and
entertainment technology centre, an innovation lab focused on R&D in
animatronics and robotics, and a large-scale production workshop. Cityneon
will produce large-scale experiences in Qatar as they have done around the
world, such as their Jurassic
World: The Movie Exhibition in Chengdu, China, and their Avengers S.T.A.T.I.O.N. exhibition
in Las Vegas and many more.
Lim
Meng Hui, CEO of QFZA, said, "We are delighted to welcome Cityneon, a leading entertainment
technology company that designs and manufactures equipment and robotics for the
sector. Cityneon's decision to open its first such facility in the Middle East
at Qatar Free Zones is testament to the strength of our offering and the exciting
trajectory of the entertainment technology industry and the tourism sector in
Qatar and across the region, in line with Qatar National Vision 2030. Qatar
Free Zones provide an ideal environment for international and local companies
with the skills and innovation to help build a better future."
Cityneon's
Executive Chairman and Group CEO Ron Tan said, "We are pleased to be working
closely with QFZA to fast-track our expansion plans in the EMEA region, which
is a strategic and important market for the company. We see immense potential
for our IP business in the EMEA region and the strategic location of our new
facility in Qatar will be pivotal in addressing the markets that we plan to
serve, as well as for us to reach out to potential partners and collaborators
for the Group."
Feroz
Siddiqui, who will lead the new facility as General Manager - Middle East,
added, "With this new office we embark on our middle eastern journey in bringing
cheer, joy, laughter and smiles to awe our audiences with our large, immersive
and technologically advanced entertainment assets to the region."
Singapore's
ambassador to Qatar H.E. Jai S Sohan, who witnessed the ceremony, added, "It is
my delight to see Cityneon set up base in Qatar Free Zones, a leading hub for
innovation in the region, as the latest of many Singaporean companies with
operations in Qatar. The new facility will not only boost tourism across the
region but also attract a new talent pool to the developing entertainment
technology industry."
The
new venture is expected to bring varied benefits to Qatar. Cityneon is a global
leader in immersive experiences and will help develop the regional entertainment
technology and Intellectual Property (IP) industry to generate new jobs in
robotics and animatronics, costume design and fabrication, and sculpting and moulding,
among others. Qatar Free Zones' technology and research ecosystem will enable Cityneon
to enhance its IP business operations for the region and benefit from a growing
community of like-minded organizations, dedicated research and innovation
facilities, and partnership opportunities.
The
partnership between QFZA and Cityneon will also support Qatar's National Vision
2030, which aims to create a knowledge-based economy and promote economic
diversification. It will expand the significant skilled labour pool in Qatar
and support the ongoing digital transformation of the country.
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About Qatar Free Zones Authority (QFZA)
Qatar Free Zones Authority (QFZA) started its operations in
2019 and it oversees and regulates world-class free zones in Qatar and secures
fixed investments within the zones. QFZA offers outstanding opportunities and
benefits for businesses seeking to establish operations and expand regionally
and globally, providing quality infrastructure, a skilled workforce, 100%
foreign ownership, access to investment funds, tax exemptions and partnership
opportunities with Qatari entities.
With its global reach and international partnerships,
Cityneon has the capability to serve its clients anywhere in the world.
Cityneon was listed on the Mainboard of the Singapore Stock Exchange since
2005, and was privatized on February 2019 by West Knighton Limited, a company
wholly owned by Cityneon's Executive Chairman and Group CEO, Ron Tan, together
with Hong Kong veteran entrepreneur and investor, Johnson Ko Chun Shun. Johnson
is a capital markets veteran and has held controlling interests and directorships
in many listed companies. In May 2019, Cityneon welcomed CITIC Capital as a new
shareholder, who holds approximately 9% shares in Cityneon. CITIC Capital is
part of CITIC Group, one of China's largest conglomerates, and has over US$29B
of assets under its management across 100 funds and investment products
globally. Other institutional shareholders of the Group include EDBI - a
Singapore government-linked global investor, and Pavilion Capital - a
Singapore-based investment institution which focuses on private equity
investments, that made strategic investments to the Group in August and October
2019 respectively. In April 2021, Cityneon welcomed new investors Seatown
Holdings International, Qatar's Doha Venture Capital, which will now own
approximately 4% of the Group, and other financial institutions and family
offices in Singapore and China, joining the already strong stable of
shareholders to support the Group's further expansion globally.