AlUla In Saudi Arabia To House Notable Film Studio Boosting The Region’s Real Estate Sector

Saudi Arabia is in the midst of building a major new studio in the AlUla region as part of the historic infrastructural growth taking place in the country.

Located in the Fadhla area of AlUla, the structure will comprise two 24,000 sq ft sound stages, catering, production offices, a backlot, and film clusters.

As reported Gerard Butler’s Kandahar completed filming in the region recently, as did Cherry – an Iraq war story that is set to air on Apple TV+.

Talking to Screen at the Cannes Film Festival Film AlUla’s film commissioner, Stephen Strachan, said on the project: “We are keen to support local productions, but also attract more international productions to AlUla and building a studio (one of the first in Saudi Arabia) will help achieve this,”

He continued, “We have already been granted permission to build the studio and are currently planning construction, with the aim of having the studio open by February 2023. We want filming to take place there all year round.”

To support the studio infrastructure, a resort-style complex is also being built around 15 minutes away. The compound will have around 300 units mixed between accommodation and offices to assist and accommodate productions, and studio staff.

AlUla is already popular within the region, tallying 639 filming days from January to March 2022 as the region has an enviable topography from mountains and volcanoes to UNESCO world heritage sites.

The future of film studios

Real estate technology has been an area that has been developing for some years now from 3D printing to construction materials. With the growth of Web3, can blockchain add another element to film and TV real estate?

Real estate technology company, Immobilium, is a blockchain-powered real estate trading platform that uses technology to advance and improve the way real estate transactions are done. Using blockchain the platform turns real estate into commodity type assets that can be traded quickly and globally – with both crypto and fiat.

The concept could viably open up many sectors. Film and TV studios, OTT platforms, and broadcasters could easily license and buy studios or specific stages to assist in the growing push for more content. It could also help financiers, and banks, with the commercial process.

Immobilium Founder and CEO, Sasha Poparic, said on the current state of the sector, “Globally, real estate is the largest wealth holder. It is the largest single asset class and the least liquid one at the same time. It is a pity to leave such a nice asset class without the possibility to change hands quicker than it is done now. The time it takes to complete a real estate transaction is not on par with modern times.”

“Technology allows it, regulatory framework is more understanding and accepting of the technology and security that the technology can offer plays well into goals of the regulators. It is a win-win for everyone involved.”

At present, the company is headquartered in Los Angeles, California with the U.S. representing its primary business market but the firm believes that growth into markets globally is inevitable.

Poparic added: “We do not consider ourselves as disruptors, we think we are a solution for all. An extension tool for brokers with global outreach, and an option for regular consumers to do sales on their own.”

“We envisioned a process of conducting real estate transactions in 15 minutes, and closing escrow in just days, and we are making it happen. Imagine what that can do to the real estate market in entertainment?”

Nenad Mitosevic, a co-founder of the company, continued, “Blockchain can transform real estate into commodities and that can affect the whole sector.”

“It addresses and solves an important issue when it comes to the [real estate] industry – trust. Blockchain allows everyone to transparently see all relevant details of a property, previous ownership and transaction details which remove any uncertainties to interested buyers or investors.”

With NetflixNFLX
renting large sound stages in the U.K. and globally, the potential utility for large entities becomes apparent with decisions and transactions happening within a day rather than months. Something that is useful in the fast-paced world of entertainment.

Lazaros Georgiadis, the company’s second co-founder, concluded: “It opens up the potential for so many companies to be flexible in their thinking. It also allows governments and states to scale up studio growth because of ease of transfer and market conditions. All of this helps foster a healthier environment.”

“For investors in the sector, it gives you safety and the ability to transfer funds in many different ways, which will help scalability and job creation across the film and TV industry, and other sectors.”

With blockchain still moving to be a fully user-friendly concept, the biggest challenge for adaptation in the area seems to be changing workflows, mindsets, and adjusting user behavior to allow for the studio real estate sector – and others – to be optimized.