Abu Dhabi: Boosting the media sector through the easing of censorship and protectionism laws could pave the way to economic diversification in the Arab world, the head of the world's second largest media company said on Tuesday.
Rupert Murdoch, News Corp Chairman and CEO, said the sector could provide a significant portion of the 50 million jobs expected to be created in the Middle East in the next 10 years.
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His company has recently made moves into the market to ensure it is part of that growth, including the purchase of a 9 per cent stake in Saudi entertainment giant Rotana, with an option to double its purchase in the next 18 months.
"To be frank, Rotana does not really need our financing," Murdoch said in his speech at the opening of the Abu Dhabi Media Summit.
"We are partnering with Rotana for something more ambitious: to tap into Arab talent and ultimately produce original Arab content for markets both here and abroad."
Partnership
On Monday, Fox International Channels (FIC), a News Corp subsidiary, announced a partnership with Abu Dhabi government-owned Twofour54 that will see Fox move some of its operations to the city including documentary production and online advertising.
FIC will open its offices in Abu Dhabi's Media Park, alongside CNN International and Thompson Reuters, as the nation's capital continues its efforts to diversify its economy away from hydrocarbons according to the Abu Dhabi 2030 Plan.
Murdoch urged Arab governments — without naming any — to resist the "temptation" to censor the "occasional inconvenient or unwelcome story.
"Markets that distort their media end up promoting the very panic and distrust that they had hoped to control," he said.
"By making the decision for greater openness, you will signal the importance you have assigned to creativity in your plans for the future."
