Saudi film producer clinches distribution deal with Vox

Updated 08 March 2018

Saudi film producer clinches distribution deal with Vox

LONDON: Saudi Arabian film animation producer Myrkott has signed an exclusive distribution agreement with Dubai-based Vox Cinemas, the largest movie operator in the Middle East.
Vox will distribute the company’s films to all theaters in the Gulf and North Africa.
Myrkott is behind the YouTube animated hit Masameer which has attracted more than 700 million views.
Mohamed Al-Hashemi, country manager in KSA for Majid Al Futtaim Ventures (the leisure and entertainment company that owns and operates Vox) said:
“Myrkott is proof that Saudi creative industries are going to be a powerful player regionally and internationally in the years to come.”
He added: “Vox Cinemas is delighted to provide Myrkott with the regional distribution pedigree that will help their already hugely successful content find new audiences.”
Part of the distribution agreement will include a feature film version of Masameer that has enthralled Middle Eastern audiences.
At the end of last month Vox provided its first screenings to the Kingdom with a program that aimed to raise awareness of Alzheimer’s disease within the Gulf Cooperation Council region.
Vox, with 29 cinema complexes and 294 screens across the Middle East and North Africa, is the region’s largest and most rapidly growing cinema chain.


Oil retreats in face of renewed coronavirus uncertainty

Updated 22 February 2020

Oil retreats in face of renewed coronavirus uncertainty

  • G20 finance leaders to meet in Saudi Arabia at the weekend to discuss risks to the global economy
  • OPEC+ has been withholding supply to support prices and many analysts expect an extension or deepening of the curbs

LONDON: Oil prices fell on Friday as weak Asian data and a rise in new coronavirus cases fuelled uncertainty about the economic outlook while leading crude producers appeared to be in no rush to curb output.

Brent crude was down $1.56, or 2.6 percent, at $57.75 in afternoon trade, while U.S. crude dropped $1.25, or 2.3 percent, to $52.63.

"With Brent failing to breach the $60 level on Thursday despite better than expected U.S. oil inventory data, rising market uncertainty is dragging down oil prices on Friday," said UBS analyst Giovanni Staunovo.

"Market participants who benefited from the price rise in recent days might prefer not to go into the weekend with a long position."

 

China reports rise in coronavirus cases.

Japan factory activity shrinks at fastest pace since 2012.

Russia says early OPEC+ meeting no longer makes sense.

Finance leaders from the Group of 20 major economies meet in Saudi Arabia at the weekend to discuss risks to the global economy after new Asian economic and health data kept investors on guard.

Beijing reported an uptick in coronavirus cases on Friday and South Korea reported 100 new cases, doubling its infections. In Japan, meanwhile, more than 80 people have tested positive for the virus.

Factory activity in Japan registered its steepest contraction in seven years in February, hurt by fallout from the outbreak. 

"We still believe that the market is likely to trade lower from current levels, given the scale of the surplus over the first half of this year, and the need for the market to send a signal to OPEC+ that they must take further action at their meeting in early March," said ING analyst Warren Patterson.

Russian Energy Minister Alexander Novak said on Thursday that global oil producers understood it would no longer make sense for the Organization of the Petroleum Exporting Countries and its allies to meet before the planned gathering.

The group, known as OPEC+, has been withholding supply to support prices and many analysts expect an extension or deepening of the curbs.