Wētā Workshop has signed a Memorandum of Understanding with a Saudi Arabian princess. 

The agreement is part of five new commercial partnerships signed by Kiwi and Saudi businesses, valued at $100 million. 

Creative organisation Rukun was founded by Princess Noura Al Saud and will work with Wētā to help grow Saudi Arabia's creative economy. 

Wētā Workshop co-CEO and COO David Wilks told Mike Hosking they’ve increasingly diversified over the years, and Saudi Arabia is the next step in the process. 

He says the opportunities are significant – the country is changing at a great rate and is looking for the kinds of talents Wētā has. 

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