(Yicai) May 13 -- IQiyi, often referred to as “China’s Netflix,” has signed a cooperation agreement with Egyptian streaming network Watch It, with the two parties aiming to reach new markets by sharing content.

Under the deal signed on May 11, iQiyi will authorize Watch It to stream a number of popular Chinese films and television shows, including series such as Road Home and Strange Tales of Tang Dynasty, the Chinese video sharing platform announced yesterday.

The tie-up aims to boost the market penetration of Chinese-language content in the Middle East, where Watch It is the leading streaming network in the Arab world with 400 million viewers.

At the same time, iQiyi's main platform in China will screen a series of cultural documentaries titled Mother to the World produced by Watch It. These documentaries are based on archaeological evidence and showcase the development of ancient Egyptian civilization. 

Additionally, iQiyi's international version will show original Arabic productions from Watch it, enriching its overseas content ecosystem.

While iQiyi mainly offers Asian content, the Beijing-based firm has been actively developing its overseas business. It is operational in four key regions: Southeast Asia, North America, Japan and Korea, and the Middle East and North Africa. The tie-up with Watch It marks a big step forward for iQiyi in the Middle Eastern and North African markets.

Shares in iQiyi plunged in February after the firm announced a 60 percent slump in net profit last year to CNY764.1 million (USD104.7 million). But the company said it was optimistic about an upturn in fortunes this year based partly on its international expansion plans.

Editor: Tom Litting