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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)
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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.

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Saudi Arabia and Spain Discuss Opportunities to Localize the Drone, Ships and Cars Industry

One of the bilateral meetings held by the Saudi Minister of Industry and Mineral Resources in Spain (Asharq Al-Awsat)
One of the bilateral meetings held by the Saudi Minister of Industry and Mineral Resources in Spain (Asharq Al-Awsat)
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Saudi Arabia and Spain Discuss Opportunities to Localize the Drone, Ships and Cars Industry

One of the bilateral meetings held by the Saudi Minister of Industry and Mineral Resources in Spain (Asharq Al-Awsat)
One of the bilateral meetings held by the Saudi Minister of Industry and Mineral Resources in Spain (Asharq Al-Awsat)

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef have discussed mutual opportunities with leaders of major Spanish companies to localize advanced industries, which are a key focus of Saudi Arabia’s National Industrial Strategy.

These industries include the localization of heavy-payload drone manufacturing and its components, automobile design and engineering, shipbuilding, and the preservation of supply chains for these sectors. The discussions also emphasized the development of comprehensive and sustainable geological survey processes.

Al-Khorayef began his official visit to Spain on Thursday, focusing on opportunities to enhance human resource development in the industrial and mining sectors, exploring sustainable mining solutions, and attracting Spanish mining companies to invest in the promising opportunities available in Saudi Arabia’s mining sector.

During bilateral meetings with Spanish companies in Madrid on Saturday, Al-Khorayef explored joint opportunities in drone and automobile manufacturing, and the advancement of geological surveys. The meetings were attended by Saudi Arabia’s Ambassador to Spain, Princess Haifa bint Abdulaziz Al-Mogrin, and the CEO of the National Industrial Development Center, Eng. Saleh Al-Sulami.

The Spanish companies Al-Khorayef met with included Drone Hopper, which specializes in drone manufacturing, Ferroglobe in the mining sector, and Reinosa Forgins & Casting, which is a leader in supplying the shipbuilding, cement, and heavy equipment industries. Other companies included IDIADA, renowned for car design and engineering, and Xcalibur, which focuses on geological surveys.

Additionally, Al-Khorayef met with Ana Maria Alonso Zarza, Director of the Spanish Geological and Mining Institute, to discuss collaboration opportunities in geological research and the provision of high-quality and precise geological data for various scientific and industrial applications.

In terms of trade, non-oil exports from Saudi Arabia to Spain amounted to SAR 2.72 billion ($725.3 million) in 2023. These exports included chemical products, plastics and their derivatives, and base metals and their products. In the same year, non-oil imports from Spain reached SAR 9.13 billion ($2.4 billion), comprising electrical machines and equipment, pharmaceutical products, and essential oils.