{"id":3477,"date":"2026-07-03T10:37:42","date_gmt":"2026-07-03T10:37:42","guid":{"rendered":"https:\/\/relocationobserver.com\/?p=3477"},"modified":"2026-07-03T10:37:42","modified_gmt":"2026-07-03T10:37:42","slug":"spains-sett-south-africas-kag-launch-28-5-million-audiovisual-venture","status":"publish","type":"post","link":"https:\/\/relocationobserver.com\/?p=3477","title":{"rendered":"Spain\u2019s SETT, South Africa\u2019s KAG Launch $28.5 Million Audiovisual Venture"},"content":{"rendered":"
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\n\tSpanish state investment vehicle SETT and South Africa\u2019s Known Associates Group are teaming on a major audiovisual venture in Spain, encompassing a Madrid-based production company and post-production studios in the Canary Islands and Basque Country.<\/p>\n

Read more \u2018Downton Abbey\u2019 Star Michelle Dockery to Return to Stage in \u2018Bloodsport: After Helen of Troy\u2019<\/a><\/p>\n

\n\tSETT, the investment arm of Spain\u2019s Ministry for Digital Transformation, will commit \u20ac12.7 million ($14.5 million) to two public-private ventures valued at a combined \u20ac25 million ($28.5 million).<\/p>\n

\n\tThe first operation will see SETT committing $10 million to Moonlighting Studios Spain, the local arm of South African production-services heavyweight Moonlighting Films. The company will receive a total capital injection of $20.5 million to establish a production base in Madrid focused on developing projects and creating intellectual property.<\/p>\n

\n\tThe Madrid venture is expected to produce 10 feature films and documentaries. Moonlighting has provided production services on major international titles including \u201cMufasa: The Lion King,\u201d \u201cMad Max: Fury Road,\u201d \u201cThe Woman King,\u201d \u201cMission: Impossible \u2013 The Final Reckoning\u201d and Netflix\u2019s \u201cResident Evil\u201d series.<\/p>\n

\n\tA second transaction will see SETT invest $4.4 million to take a 49% stake in the Spanish division of South African post-production company The Refinery. The company will receive a $9.1 million capital injection and establish facilities in the Canary Islands and Basque Country, the two parts of Spain with the most muscular tax incentives for production.<\/p>\n

\n\tThe two sites will operate as an integrated post-production platform intended to retain more audiovisual work, spending and creative control in Spain rather than outsourcing those services abroad.<\/p>\n

Read more \u2018My Indian Boyfriend: The Golden Mile\u2019 Lands RFT Films for U.K. and Ireland Theatrical Distribution (EXCLUSIVE)<\/a><\/p>\n

\n\t\u201cWe will continue this investment effort because it is very profitable for the country. The audiovisual industry is cultural; it is not only about the economic value and employment it generates,\u201d Digital Transformation Minister \u00d3scar L\u00f3pez said.<\/p>\n

\n\tMoonlighting and The Refinery are part of Known Associates Group, founded by Tshepiso Chikapa-Phiri, who serves as group CEO. Private capital for both ventures will come from South African investment holding company Sinobhukosi.<\/p>\n

\n\t\u201cThis agreement with SETT marks a turning point for our company and for South Africa,\u201d Chikapa-Phiri said, adding that Spain would provide a strategic platform for developing Spanish content with international reach and strengthening ties between the two countries.<\/p>\n

\n\tAs an outlying part of the European Union., the Canary Islands also offers a Special Zone (ZEC) corporate income tax of 4% and 7% VAT, compared to 25% and 21% in mainland Spain. KAG has initiated the procedure to set up in the Canary Islands\u2019 ZEC Zone, with ZEC providing support to understand and analyse the Canary islands ecosystem, Pablo Hern\u00e1ndez, ZEC executive president, told Variety<\/em>.<\/p>\n

\n\tThe operations form part of the second phase of the E.U.-backed Spain Audiovisual Hub Plan. SETT has also supported the establishment of Mexico\u2019s \u00cdtaca Films in Madrid, U.K. company Good Films setting up at Alicante\u2019s Ciudad de la Luz and VFX giant DNEG acquiring a significant equity position in the Canary Island\u2019s Anima Kitchent.<\/p>\n

Read more U.K. Culture Secretary Lisa Nandy Quits Elon Musk\u2019s X Over \u2018Abuse and Misinformation\u2019<\/a><\/p>\n

\nJohn Hopewell contributed to this article. <\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Spain\u2019s SETT and South Africa\u2019s KAG invest $28.5 million in production in Madrid and post-production in the Canary Islands and Basque Country.<\/p>\n","protected":false},"author":1,"featured_media":3476,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970],"tags":[2865,2866,1273,2867,2868],"class_list":["post-3477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global","tag-known-associates-group","tag-moonlighting-films","tag-sett","tag-spain-audiovisual-hub","tag-the-refinery"],"yoast_head":"\nSpain\u2019s SETT, South Africa\u2019s KAG Launch $28.5 Million Audiovisual Venture - Relocation Observer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/relocationobserver.com\/?p=3477\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spain\u2019s SETT, South Africa\u2019s KAG Launch $28.5 Million Audiovisual Venture - 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