Saudi Arabia’s Tadawul has recorded a flurry of listings in recent years. Reuters
Saudi Arabia’s Tadawul has recorded a flurry of listings in recent years. Reuters
Saudi Arabia’s Tadawul has recorded a flurry of listings in recent years. Reuters
Saudi Arabia’s Tadawul has recorded a flurry of listings in recent years. Reuters

Middle East broadcaster MBC receives approval for Saudi IPO


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Regional broadcaster MBC Group has received approval from Saudi Arabia’s market regulator for an initial public offering amid the listing boom in the Gulf.

The Capital Market Authority has granted approval for MBC to sell 33.25 million shares in the float, amounting to 10 per cent of the company's share capital, it said in a filing to the Tadawul on Tuesday.

“The CMA’s approval on the application shall be valid for six months from the CMA Board resolution date,” it said.

The approval shall be “deemed cancelled” if the offering and listing of the company's shares are not completed within this period.

The offer price will be determined at the end of the book-building period, MBC said in a statement.

The proceeds will be used to repay outstanding debts, enhance liquidity headroom to finance the working capital requirements of the business, content expenditure on the Shahid video streaming platform and investment in new initiatives, the statement said.

The IPO will also support MBC's plans to expand its market position, audience reach and enter new entertainment verticals, Waleed Al Ibrahim, MBC Group’s chairman, said.

“Through this offering, we are inviting investors to be part of a robust enterprise, well-reputed brand, underpinned by strong macro fundamentals and dynamic growth prospects.”

The offer shares will be listed and traded on the Saudi Exchange’s main market. Following the completion of the offering, the current shareholders will collectively own 90 per cent of the company’s share capital, MBC's statement said.

Currently Al Istedamah Holding has a shareholding of 60 per cent, and businessman Mr Al Ibrahim has a shareholding of 40 per cent.

MBC, founded more than 30 years ago, reported a revenue of 3.49 billion Saudi riyals ($930 million) last year. It registered a 23 per cent compound annual growth rate for the period between 2020-2022.

The company’s main business segments include TV broadcasting; the Shahid video streaming platform; MBC Studios (which includes drama series and movie production) and various media related ventures.

Shahid is MBC's video streaming platform. Al Sadhan (left) and Nasser Al Qasabi in the series Tash Al Awda. Photo: MBC
Shahid is MBC's video streaming platform. Al Sadhan (left) and Nasser Al Qasabi in the series Tash Al Awda. Photo: MBC

It offers 13 free-to-air TV channels and was the number one broadcaster in Saudi Arabia and Egypt during Ramadan period of 2023.

The company said it has maintained a 40 per cent audience share in Saudi Arabia for the past 10 years.

Shahid, which has nearly 3.8 million paying subscribers, had 23 per cent share of total subscribers in the Middle East and North Africa region last year.

The company is expecting expansion through “content diversification, new subscription models, targeted advertising and expanded geographic presence”, chief executive Sam Barnett said.

“Captivating content, cutting-edge technologies and robust data are core to our business and combine to ensure a fantastic service for our viewership of 150 million viewers per week,” Mr Barnett said.

Saudi Arabia dominates the Mena media industry, with a nearly 30 per cent market share, according to a recent report by Meltwater.

The restructuring of the media industry is a key component of Saudi Arabia's strategic ambitions, known as Saudi Vision 2030.

The primary goal is to transform the media business and help the kingdom become a regional content hub.

Regionally, there is increasing activity in the media landscape.

On Tuesday, Dubai-based entertainment streaming service OSN+ and Nasdaq-listed Anghami announced a merger to create one of the Middle East’s largest streaming platforms, to better compete with international rivals such as Spotify and Netflix.

MBC's IPO also comes as Saudi Arabia and the wider GCC region have registered a flurry of listings amid strong investor demand.

The volume of IPOs on bourses in the Mena region climbed by 44 per cent annually in the second quarter of this year amid robust economic growth, according to global consultancy EY.

Growth in Mena IPO deals was driven by Saudi Arabia and the UAE, the top regional economies, EY said in a report in September.

The number of listings rose to 13 during the three-month period to the end of June, bucking the global slowdown in equity capital markets activity, it said.

MBC has appointed HSBC Saudi Arabia, JP Morgan Saudi Arabia and SNB Capital as joint financial advisers, joint bookrunners and underwriters for the IPO.

Women’s World T20, Asia Qualifier

UAE results
Beat China by 16 runs
Lost to Thailand by 10 wickets
Beat Nepal by five runs
Beat Hong Kong by eight wickets
Beat Malaysia by 34 runs

Standings (P, W, l, NR, points)

1. Thailand 5 4 0 1 9
2. UAE 5 4 1 0 8
3. Nepal 5 2 1 2 6
4. Hong Kong 5 2 2 1 5
5. Malaysia 5 1 4 0 2
6. China 5 0 5 0 0

Final
Thailand v UAE, Monday, 7am

MATCH INFO

Uefa Champions League quarter-final (first-leg score):

Juventus (1) v Ajax (1), Tuesday, 11pm UAE

Match will be shown on BeIN Sports

Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes. 
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com

The low down on MPS

What is myofascial pain syndrome?

Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (­connective tissue that covers the muscles, which develops knots, also known as trigger points).

What are trigger points?

Trigger points are irritable knots in the soft ­tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and ­sustained posture are the main culprits in developing ­trigger points.

What is myofascial or trigger-point release?

Releasing these nodules requires a hands-on technique that involves applying gentle ­sustained pressure to release muscular shortness and tightness. This eliminates restrictions in ­connective tissue in orderto restore motion and alleviate pain. ­Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.

UAE currency: the story behind the money in your pockets
At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

How to register as a donor

1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

The biog

Name: Younis Al Balooshi

Nationality: Emirati

Education: Doctorate degree in forensic medicine at the University of Bonn

Hobbies: Drawing and reading books about graphic design

HERO%20CUP%20TEAMS
%3Cp%3E%3Cstrong%3E%3Cins%3EContinental%20Europe%3Cbr%3E%3C%2Fins%3E%3C%2Fstrong%3EFrancesco%20Molinari%20(c)%3Cbr%3EThomas%20Detry%3Cbr%3ERasmus%20Hojgaard%3Cbr%3EAdrian%20Meronk%3Cbr%3EGuido%20Migliozzi%3Cbr%3EAlex%20Noren%3Cbr%3EVictor%20Perez%3Cbr%3EThomas%20Pieters%3Cbr%3ESepp%20Straka%3Cbr%3EPlayer%20TBC%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%3Cins%3EGreat%20Britain%20%26amp%3B%20Ireland%3C%2Fins%3E%3C%2Fstrong%3E%3Cbr%3ETommy%20Fleetwood%20(c)%3Cbr%3EEwen%20Ferguson%3Cbr%3ETyrrell%20Hatton%3Cbr%3EShane%20Lowry%3Cbr%3ERobert%20MacIntyre%3Cbr%3ESeamus%20Power%3Cbr%3ECallum%20Shinkwin%3Cbr%3EJordan%20Smith%3Cbr%3EMatt%20Wallace%3Cbr%3EPlayer%20TBC%3C%2Fp%3E%0A
Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

The specs: 2018 BMW R nineT Scrambler

Price, base / as tested Dh57,000

Engine 1,170cc air/oil-cooled flat twin four-stroke engine

Transmission Six-speed gearbox

Power 110hp) @ 7,750rpm

Torque 116Nm @ 6,000rpm

Fuel economy, combined 5.3L / 100km

TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

UAE currency: the story behind the money in your pockets
WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

What are the influencer academy modules?
  1. Mastery of audio-visual content creation. 
  2. Cinematography, shots and movement.
  3. All aspects of post-production.
  4. Emerging technologies and VFX with AI and CGI.
  5. Understanding of marketing objectives and audience engagement.
  6. Tourism industry knowledge.
  7. Professional ethics.
How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Drishyam 2

Directed by: Jeethu Joseph

Starring: Mohanlal, Meena, Ansiba, Murali Gopy

Rating: 4 stars

ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages. 

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Cry Macho

Director: Clint Eastwood

Stars: Clint Eastwood, Dwight Yoakam

Rating:**

UJDA CHAMAN

Produced: Panorama Studios International

Directed: Abhishek Pathak

Cast: Sunny Singh, Maanvi Gagroo, Grusha Kapoor, Saurabh Shukla

Rating: 3.5 /5 stars

UAE cricketers abroad

Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.

Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.

Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.

Updated: November 21, 2023, 5:16 PM`