News Corp has pumped an additional US$35 million (Dh128.5m) into the Saudi Arabian media company Rotana, as Rupert Murdoch's troubled empire continues to build its presence in the Middle East.
Rotana, which is controlled by the billionaire Prince Al Waleed bin Talal, is the world's largest producer of Arabic music, and runs several TV and radio stations.
News Corp quietly acknowledged it has increased its stake in Rotana to almost 19 per cent, amid the continuing scandal in the United Kingdom in which a number of the company's journalists and executives have been implicated in illegal phone hacking.
"News Corporation exercised the remaining half of its option to increase its stake in Rotana Group to 18.97 per cent from 14.53 per cent by purchasing newly issued shares in Rotana for $35m," a spokeswoman for News Corp told The National.
News Corp bought a 9.09 per cent share in Rotana for $70m in early 2010, in a deal that came with the option to double the stake.
It exercised 50 per cent of that purchase option last May, and has just taken out the remainder. In total, News Corp has spent $140m in acquiring almost 19 per cent of Rotana.
Analysts said the move confirms News Corp's intention to expand its operations in the Middle East. "It's a confirmation from News Corp of their strategy towards the Middle East," said Santino Saguto, a partner at Deloitte Middle East. "News Corp is increasing its presence in the region … It's a good thing for both News Corp and Rotana."
Mr Saguto said the move would give News Corp a greater say in possible tie-ups with its other businesses.
"Rotana is a company with important assets in the region, in terms of music and video," he said. "The additional share allows [News Corp] to have even more influence in the company, in terms of management and synergies with the other international operations."
Mr Murdoch has been slowly building his empire in the Middle East. An Arabic-language version of Sky News, which is part-owned by News Corp, launched this month.
Fox International Channels, a unit of News Corp, broadcasts several channels in the Middle East and North Africa. News Corp's Dow Jones, Harper Collins, Star TV and National Geographic brands also have a presence in the region.
News Corp also holds a minority stake in the Dubai-based media company Moby Group, which runs several media brands in Afghanistan.
Rotana's Prince Al Waleed, has also been increasingly active in the media industry.
Last year, he invested $300m in the microblogging site Twitter, and he plans to launch an Arabic-language news station early next year. He also owns a 7 per cent stake in News Corp.
bflanagan@thenational.ae
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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
Background: Chemical Weapons
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
Stage result
1. Jasper Philipsen (Bel) Alpecin-Fenix 4:42:34
2. Sam Bennett (Irl) Bora-Hansgrohe
3. Elia Viviani (Ita) Ineos Grenadiers
4. Dylan Groenewegen (Ned) BikeExchange-Jayco
5. Emils Liepins (Lat) Trek-Segafredo
6. Arnaud Demare (Fra) Groupama-FDJ
7. Max Kanter (Ger) Movistar Team
8. Olav Kooij (Ned) Jumbo-Visma
9. Tom Devriendt (Bel) Intermarché-Wanty-Gobert Matériaux
10. Pascal Ackermann (Ger) UAE Team Emirate
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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