More than 70 regional celebrities have signed to participate in a unique media and entertainment venture in Dubai, UAE, said top officials.

Renowned media figure Ali Alalyani in his capacity as a representative of the project’s founders, and Hamid Ahmed Dakhil, CEO of the project were speaking at a press conference in the Emirate.

The event that took place in the presence of Nabeel Al Moalimi; the project’s founder, and his co-founders, was also an occasion to sign a memorandum of understanding with Headline Communication Media Corporation, represented by Feras Adel Al Maddah, CEO. The MoU aims to promote mutual cooperation between the project and the prestigious marketing and communication agency.

Alalyani described the signing as "an important step towards completing the services that the project aims to provide; and a further assurance towards adding value to our services with high quality and professionality.”

“There will be further distinguished partnerships with celebrities and strategic partners in the upcoming period,” said Hamid Dakhil. “The project is regarded as a unique investment project that would yield quite high returns in its holistic sense; and we plan to serve it in a manner that suits its goals.”

“We have already managed to agree with and sign up more than 70 first class Arab celebrities, in addition to social media influencers of different categories and specialties (singers, presenters, actors, athletes, cooks, comedians, financial specialists, and vlogers, etc…), to take part in this unique project. The number of celebrity participants is expected to exceed 200 by the end of 2017,” Dakhil explained.

Majid El Amri, head of Investment Committee, said: “The project has been designed in phases that transcend the Arab World’s regional boundaries towards more international borders via organic growth. We have assigned KMPG to act as a strategic and financial advisor, although this leading global company does not accept partnerships with start-ups, the submitted business model was highly acclaimed"

“The project’s conservative valuation is expected to reach $3.8 billion in five years covering Mena only,” he added. “Capital expenditure and pre-operating expenses amounted to approximately $15 million, excluding operational expenses.”

“Taking into account the strong demand received so far from venture capitalists and some elite individual and corporate investors, it has been decided to open an exclusive opportunity of  about 10 percent of the project’s current valuation to a carefully selected elite group of investors, with added value, wishing to participate in the project and achieve its shared goals. We shall convene with interested parties soon, in Saudi Arabia, the United Arab Emirates, Kuwait and Bahrain,” El Amri said.

Al Maddah said: "This project will bring an added value for all segments of the society, including stars, fans, and Small, Medium and Large enterprises.

“The project took into consideration opening great opportunities through the empowerment of productive families and very small start-ups, whom are struggling presently to provide their products and services to their targeted segments via conventional mediums.”

"We recognize the magnitude of challenges that are facing these significant sectors of the society. This prompted us to find an innovative approach that will have a positive impact on the economy and falls in-line with the countries’ vision to support these vital segments of the economy,” Alalyani noted. – TradeArabia News Service