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MBC Group Sells Part of Its Stake in Al Arabia for $110 Million

MBC Group inaugurates its sprawling new headquarters complex in the capital city of Riyadh in 2022 (SPA)
MBC Group inaugurates its sprawling new headquarters complex in the capital city of Riyadh in 2022 (SPA)
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MBC Group Sells Part of Its Stake in Al Arabia for $110 Million

MBC Group inaugurates its sprawling new headquarters complex in the capital city of Riyadh in 2022 (SPA)
MBC Group inaugurates its sprawling new headquarters complex in the capital city of Riyadh in 2022 (SPA)

MBC Group on Sunday sold part of its stake in Arabian Contracting Services Co. (Al Arabia), comprising 2.45 million shares, or 4.9% of Al Arabia's share capital, to several investors for SAR 416.5 million ($110.9 million), according to an announcement to the Saudi Stock Exchange “Tadawul.”
Al Arabia is a leading company in outdoor advertising in the Kingdom. Its business includes setting up, operating and maintaining outdoor advertising billboards, specifically roadside advertising and indoor advertising.
The book value of the Company's entire share in Al Arabia is around SAR 1 million , and the book value of the shares sold in the Transaction is around SAR 246 million.
The purpose of the transaction is to strengthen the Company's financial position and realize a portion of the Company's investment profits, the announcement to Tadawul said.
After the Transaction, the Company will retain a 15.1% stake in Al Arabia as an investment in an associated company.
The remaining shares held by the Company in Al Arabia will be subject to a 180-day contractual lock-up undertaking starting from the Transaction execution date.
On Sunday morning, MBC Group announced the full repayment of a SAR 497.25 million ($132.4 million) loan owed to Istedamah Holding Co., pursuant to the loan agreement.
In a statement to Tadawul, the group said that the repayment was done from the available liquidity with no material impact on its financials.

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BRICS Leaders Call for Urgent Action on Land Degradation Ahead of UNCCD COP16 in Riyadh

BRICS leaders call for increased financial resources and stronger partnerships to address land degradation, desertification, and drought. (SPA)
BRICS leaders call for increased financial resources and stronger partnerships to address land degradation, desertification, and drought. (SPA)
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BRICS Leaders Call for Urgent Action on Land Degradation Ahead of UNCCD COP16 in Riyadh

BRICS leaders call for increased financial resources and stronger partnerships to address land degradation, desertification, and drought. (SPA)
BRICS leaders call for increased financial resources and stronger partnerships to address land degradation, desertification, and drought. (SPA)

BRICS leaders called for increased financial resources and stronger partnerships to address land degradation, desertification, and drought ahead of a major UN environment conference in Saudi Arabia in December.

In a joint statement, the leaders of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates emphasized that these environmental challenges "are posing serious threats to the well-being and livelihoods of people and the environment."

While acknowledging ongoing efforts in sustainable land management, they stressed the need for "integrated policies" to tackle these interconnected issues.

The statement comes as Saudi Arabia prepares to host the 16th session of the United Nations Convention to Combat Desertification (UNCCD COP16) in Riyadh from December 2 to 13, amid growing global concern over land degradation that already affects 40% of the planet and impacts 3.2 billion people, according to UNCCD data.

"Saudi Arabia welcomes the BRICS leaders' statement on the critical issue of land degradation as it reflects the increasing urgency to slow and ultimately reverse the trend of degrading land worldwide," said Dr. Osama Faqeeha, deputy minister for environment at Saudi Arabia's Ministry of Environment, Water and Agriculture and advisor to the COP16 Presidency.

He added: "At COP16 in Riyadh, we will work to forge new partnerships that can accelerate land restoration and drought resilience efforts, particularly in vulnerable regions. Land degradation, drought, and desertification impact almost every corner of the planet, exacerbating forced migration and worsening global food and water insecurity. It is imperative that the international community addresses the root causes of these issues at the UNCCD COP16 in Riyadh."

The conference is expected to be the largest UNCCD COP to date and will feature the first-ever Green Zone, creating a dedicated platform for collaboration and innovation, aiming to increase the role of the private sector in land restoration.

It comes as the UNCCD targets the restoration of 1.5 billion hectares of degraded land by 2030. According to the UNCCD, every dollar invested in land restoration can yield up to $30 in economic returns.