Saudi Arabia’s Public Investment Fund (PIF) will acquire a 54 per cent stake in regional broadcaster MBC Group for 7.47 billion Saudi riyals ($1.99 billion) as the kingdom’s sovereign wealth fund boosts domestic investments.
Istedamah Holding Company, a major shareholder in MBC, has agreed to sell its stake in the media company to the PIF in a private transaction at 41.60 riyals per share, MBC said on Sunday in a filing to the Tadawul, where its shares are traded.
The closing of the deal is subject to regulatory approvals, the filing said.
Shares of MBC closed 10 per cent up on the Tadawul after the announcement on Sunday.
PIF will make cuts to its portfolio of foreign assets and focus more on domestic markets as it looks to establish the kingdom as the global centre of artificial intelligence, its governor Yasir Al Rumayyan said last week.
The fund, with $930 billion of assets under management, plans to cut its foreign portfolio by about a third as “there is a big paradigm shift in how PIF is deploying investments”, he said.
In August, the PIF said its assets under management increased 29 per cent to 2.87 trillion riyals last year as it solidified its Saudi holdings and diversified its international portfolio of assets.
The annualised returns for the sovereign fund since 2017 rose to 8.7 per cent last year, up from 8 per cent in 2022, the fund said in its annual report.
The shareholders' returns were “primarily driven by investments within Saudi Arabia, as well as international portfolio growth, as the PIF continued to forge strong partnerships and enhance shareholder value”, the fund said at the time.
Saudi Arabia, which is diversifying its economy away from oil, continues to maintain its appeal as a foreign direct investment destination, despite an increase in geopolitical uncertainty in the region, which underpins that the Vision 2030 programme is working.
MBC, which was founded more than 30 years ago, operates several popular television channels and digital platforms across the Middle East and North Africa region.
In December, the company raised 831 million riyals in an initial public offering after pricing it at the top of the range. The company set the final offering price at 25 riyals a share, for its offering of a 10 per cent stake amid “robust investor demand”.
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY%20PROFILE
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COMPANY%20PROFILE%20
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Company%20Profile
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
Second ODI
England 322-7 (50 ovs)
India 236 (50 ovs)
England win by 86 runs
Next match: Tuesday, July 17, Headingley
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Killing of Qassem Suleimani
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Napoleon
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Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
The specs
Price: From Dh180,000 (estimate)
Engine: 2.0-litre turbocharged and supercharged in-line four-cylinder
Transmission: Eight-speed automatic
Power: 320hp @ 5,700rpm
Torque: 400Nm @ 2,200rpm
Fuel economy, combined: 9.7L / 100km
