The Middle East has been identified as being among the fastest growing markets for the multi-billion audio visual industry which, in spite of the troubling economic environment last year, has seen no overall contraction in spending, reports Al-Bawaba.

“The future looks bright for the audio visual industry with the market in the Middle East and Africa expected to be worth more than $3 billion by 2012,” said Alex Heuff, Exhibition Director of PALME Middle East, the region's only trade event dedicated to professional lighting, audio, music, entertainment, audio visual and systems integration industry.

Accordingly, Heuff agreed that growth is being propelled by displays and audio visual conferencing equipment, streaming media, webcasting, wireless connections and software. Hotspots include digital signage, video conferencing and command and control facilities.

Indeed, investors and experts emphasized that the Arab region has great potential in media fields stressing that investments in information-related industries can create millions of job opportunities, according to Trading Markets.

"By unlocking the creativity of your people, you can diversify your economy... provide millions of jobs for a rising generation... and give the Arab people a global voice and influence commensurate with your importance," Murdoch on Tuesday told the opening session of the three-day Abu Dhabi Media Summit which brought together about 400 media representatives from around the world, including 40 chairmen and 80 CEOs of major media corporations.

He continued that News Corporation also invested in Rotana, one of the world's largest producers of Arab music.

"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," Murdoch stated.

Murdoch announced that his company was expanding its presence in the region by announcing a strategic partnership between Fox International Channels and Abu Dhabi's twofour54.