MBC is Working on IPO in Saudi Arabia

During the inauguration of MBC headquarters in Riyadh (Asharq Al-Awsat)
During the inauguration of MBC headquarters in Riyadh (Asharq Al-Awsat)
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MBC is Working on IPO in Saudi Arabia

During the inauguration of MBC headquarters in Riyadh (Asharq Al-Awsat)
During the inauguration of MBC headquarters in Riyadh (Asharq Al-Awsat)

Saudi MBC Group, the most prominent Arab broadcaster, is working with HSBC Holdings Plc and JPMorgan Chase on an initial public offering (IPO) in Saudi Arabia.

MBC Media Group recently inaugurated its headquarters in Riyadh in the presence of Saudi Minister of Information Majid al-Qasabi, and several ministers, officials, media professionals, and other figures.

According to Bloomberg Agency sources, the group listing will come as soon as next year, and it will add more banks to work on the offering in the next stage.

MBC founder and chairman Waleed al-Ibrahim indicated that the Group recently moved to Saudi Arabia due to the unlimited support being extended by the leadership for the sectors of culture, creativity, media, and entertainment.

"We are working with all determination to make MBC Group one of the most prominent international media organizations in the world," he said, adding that the Group will be stronger in Saudi Arabia.

Meanwhile, the main Saudi stock index closed down 91 points, with transactions worth $1.2 billion, as traded shares amounted to 138 million, over 321,000 deals.

During the tradings, 116 companies increased in value, while 88 closed down.

The Saudi parallel stock index (Nomu) closed Thursday up 161.86 points, with transactions worth $5.9 million, with a volume of traded shares exceeding 360,000, over 1790 deals.



Saudi Arabia Achieves 66% Grape Self-Sufficiency

The growth in grape production is a result of initiatives aimed at developing agricultural production chains and stimulating investment in competitive crops. - SPA
The growth in grape production is a result of initiatives aimed at developing agricultural production chains and stimulating investment in competitive crops. - SPA
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Saudi Arabia Achieves 66% Grape Self-Sufficiency

The growth in grape production is a result of initiatives aimed at developing agricultural production chains and stimulating investment in competitive crops. - SPA
The growth in grape production is a result of initiatives aimed at developing agricultural production chains and stimulating investment in competitive crops. - SPA

The Saudi Ministry of Environment, Water, and Agriculture reported that Saudi Arabia's grape production surpassed 122,000 tons in 2023, reflecting the robust growth of the local agricultural sector and its ability to meet significant market demands.

This production has contributed to a 66% self-sufficiency rate, strengthening national food security and reducing reliance on imports, according to SPA.
The Kingdom's grape industry comprises over 7.1 million grape trees, with more than 6.1 million bearing fruit, underscoring the sector's productive capacity. The diversity and quality of local grape varieties have made them highly competitive in domestic markets.
This variety also supports processing industries, enabling the production of natural juices, jams, raisins, and other food products, thereby enhancing the agricultural sector’s economic value in line with Vision 2030 goals.
The ministry continues to support farmers by providing access to modern technologies such as smart irrigation and organic farming practices to improve productivity, quality, and water resource efficiency.

The growth in grape production is a result of initiatives aimed at developing agricultural production chains and stimulating investment in competitive crops.