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Economy and Planning Minister Hosts Reception for Participants of Saudi-Portuguese Joint Committee Meeting

The Saudi Minister of Economy and Planning hosted a reception for representatives of government entities and private sector companies participating in the sixth session of the Saudi-Portuguese Joint Committee and the Saudi-Portuguese Investment Forum in Lisbon. SPA
The Saudi Minister of Economy and Planning hosted a reception for representatives of government entities and private sector companies participating in the sixth session of the Saudi-Portuguese Joint Committee and the Saudi-Portuguese Investment Forum in Lisbon. SPA
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Economy and Planning Minister Hosts Reception for Participants of Saudi-Portuguese Joint Committee Meeting

The Saudi Minister of Economy and Planning hosted a reception for representatives of government entities and private sector companies participating in the sixth session of the Saudi-Portuguese Joint Committee and the Saudi-Portuguese Investment Forum in Lisbon. SPA
The Saudi Minister of Economy and Planning hosted a reception for representatives of government entities and private sector companies participating in the sixth session of the Saudi-Portuguese Joint Committee and the Saudi-Portuguese Investment Forum in Lisbon. SPA

The Saudi Minister of Economy and Planning, Faisal bin Fadel Al-Ibrahim, hosted on Monday a reception for representatives of government entities and private sector companies participating in the sixth session of the Saudi-Portuguese Joint Committee and the Saudi-Portuguese Investment Forum in the Portuguese capital, Lisbon.

The minister heads the Saudi delegation participating in the sixth session of the Saudi-Portuguese Joint Committee, which aims to strengthen economic relations, explore investment opportunities between the two countries, and enhance cooperation in various fields.

The Saudi Minister also visited the Park of Nations, a neighborhood in Lisbon that was constructed for the 1998 World Expo.

Furthermore, he discussed with Executive Secretary of the Community of Portuguese Language Countries (CPLP) Zacarias da Costa promoting relations between the Kingdom and Portugal.

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Saudi PIF Buys Istidamah Holding’s Stake in MBC for $2 Billion

Photo taken during MBC Group's opening of its new headquarters in Riyadh (SPA)
Photo taken during MBC Group's opening of its new headquarters in Riyadh (SPA)
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Saudi PIF Buys Istidamah Holding’s Stake in MBC for $2 Billion

Photo taken during MBC Group's opening of its new headquarters in Riyadh (SPA)
Photo taken during MBC Group's opening of its new headquarters in Riyadh (SPA)

The Saudi media group MBC has announced that Istidamah Holding, one of its shareholders, signed an agreement to sell its 54% stake to the Public Investment Fund (PIF) for around $1 billion (SAR 7.5 billion). This has pushed MBC’s share price up by the maximum limit of 10% in Sunday’s trading.
According to the terms of the sale and purchase agreement, disclosed by MBC to the Saudi Stock Exchange (Tadawul) on Sunday, Istidamah Holding, owned by the Ministry of Finance, will transfer its entire stake in MBC to PIF, positioning PIF as the controlling shareholder of the company.
MBC reported that the private transaction values each share at SAR 41.6 ($11.1), involving the sale of 179.55 million shares. The deal is expected to close following regulatory approvals.
MBC shares rose to the maximum limit of 10%, reaching SAR 45.75 after the announcement.
In his comments on the deal, the Senior Head of Asset Management at Arbah Capital, Mohammad Farraj, told Asharq Al-Awsat that the acquisition of a significant stake in MBC by the Saudi Public Investment Fund marks a milestone in the history of media and entertainment in the region.
He explained that this strategic move reflects increased confidence in the sector’s ability to achieve sustainable growth and underscores the government’s commitment to supporting and developing this vital economic engine.
In the long term, Farraj said he expects MBC’s stock to achieve sustainable growth for several reasons, including government support, as MBC will benefit from substantial government backing through PIF, enabling it to pursue ambitious projects and expand its operations.
In addition, MBC plans to focus on producing high-quality content to meet diverse audience needs, which will enhance its popularity and attract more advertisers, he remarked.
Farraj pointed out that the company aims to broaden its reach into new markets outside Saudi Arabia, increasing revenues and reinforcing its position as a global brand.
The analyst also suggested that PIF’s acquisition of MBC could attract further local and foreign investments into the sector, bolstering its competitiveness and innovation.
“A new generation of innovative products and services, such as digital platforms and specialized apps, will enhance user experiences and open new growth avenues,” he said.
MBC was the first new listing on the Tadawul index in 2024, following its initial public offering (IPO) of 10% of its shares at the end of the previous year, raising $222 million. The group offered 33.25 million common shares, representing 10% of its capital, at an IPO price of SAR 25 per share.
MBC Group’s profits rose by 66.5% year-on-year in the second quarter of the current year, reaching $31 million (SAR 116.4 million) in net income, despite an 11.6% drop in revenue, which fell to $256.8 million (SAR 963.9 million).