Alamiya has announced the acquisition of Lyra Pictures in its latest expansion into the cinema and media industry by the Saudi entertainment company. The newly formed partnership, which the companies say is transformative, marks a significant step toward the development of film production in the region.
Sultan Al-Muheisen, chairman and CEO of Alamiya said that the acquisition was more than just a business deal as it allowed Alamiya to combine its resources and long-standing expertise with Lyra Pictures’ innovative film development strategies. “It is about setting a precedent in the regional and local film industry,” Al-Muheisen said. “With Lyra Pictures under our wing, we combine traditional and modern film approaches to create something new and different.”
As part of the deal, Alamiya will seek to implement Lyra Pictures’s expertise in storytelling and data-driven insights “to deliver unprecedented cinematic experiences to audiences.”
Founded in the 1970s, Alamiya was the first cinema and television studio to be established in the Kingdom to meet the needs of the growing population and economy.
Following a change of business direction due to the ban on cinema, the acquisition of Lyra Pictures by the iconic entertainment giant reflects Saudi Arabia’s growing entertainment industry. The strategic acquisition indicates a desire by Alamiya to reestablish itself in the film industry and signifies not only a merger of businesses, but also a combination of expertise and vision.
The move is set to give rise to a film studio located in the heart of the Kingdom, supporting the attraction of local talent and IP, while also facilitating opportunities for international films to be produced in Saudi Arabia.
“Alamiya’s scale and reach, paired with our story-first approach, will create a synergy that promises to introduce innovative strategies to storytelling in the Middle East,” said Wesam Kattan, co-founder of Lyra Pictures. “We’re excited about what the future holds.”