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.



Dollar Hobbled by Economic Worries; Euro Remains in Favor

US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
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Dollar Hobbled by Economic Worries; Euro Remains in Favor

US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters

The dollar hovered near a five-month low against major peers on Monday, bruised by President Donald Trump's erratic trade policies and soft economic data, at a time when other currencies, including the euro, benefit from domestic drivers.

The euro was last at $1.0905, up 0.2% on the day, and heading back towards the $1.0947 it hit last week, its highest since October 11.

The Japanese yen was also marginally stronger on the day at 148.48 per dollar, again after hitting its strongest in five months last week at 146.5 to the dollar.

That left the dollar index, which measures the US currency against its six major counterparts, at 103.5, just off its five-month trough of 103.21 reached last Tuesday, Reuters reported.

Currency markets have undergone a shift in recent months, as traders re-evaluate their initial expectations that Trump's economic policies would both support the dollar and cause other currencies to weaken.

In fact the reverse has happened, and analysts at Societe Generale said on Monday that they had changed their currency forecasts "to reflect Germany's planned fiscal changes, the US economy's self-inflicted (relative) fragility, and Japan’s escape from deflation".

They see the euro at $1.13 by year-end and the yen at 139 per dollar.