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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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WTO Chief Economist Views Geopolitical Tensions as Main Risk to Int'l Trade

Ships and containers are seen at a Chinese port. Reuters file photo
Ships and containers are seen at a Chinese port. Reuters file photo
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WTO Chief Economist Views Geopolitical Tensions as Main Risk to Int'l Trade

Ships and containers are seen at a Chinese port. Reuters file photo
Ships and containers are seen at a Chinese port. Reuters file photo

Geopolitical tensions, notably those in the Middle East, remain the main risk to international trade, World Trade Organization (WTO) Chief Economist Ralph Ossa has said.

Escalating Middle East tensions could lead to supply shortages and a resulting spike in oil prices, Ossa told Xinhua news agency. "Increased oil prices would then affect macroeconomic activity and also international trade."

In a report released in early October, the WTO projected global merchandise trade volume to grow by 2.7 percent in 2024, a slight increase from its April forecast of 2.6 percent.

One significant update in the new report is the regional outlook. "We see Asia doing stronger than we had expected ... Europe was doing weaker than we had expected," said Ossa, adding that "Asia continues to be the main driver of international trade, both on the import side and the export side."

Meanwhile, exports in Asia are expected to grow by 7.4 percent in 2024 compared with a 4.3 percent rise in imports, he said.

"We were expecting a recovery of trade in April, and continue to expect a recovery of trade today, (which) is in large part due to the normalization of inflation and the corresponding easing of monetary policy," Ossa said.

China showed a strong performance on the export side, and the recent stimulus policy carried out by the Chinese government could prop up domestic demand in China and help rebalance international trade, he said.

In order to tackle multiple challenges, Ossa called for defending the multilateral trade system with the WTO at its core, adding that it is also important to make the WTO fit for the 21st century.

Speaking on the impact of artificial intelligence, Ossa highlighted AI's potential to reduce trade costs, overcome language barriers, and expand digitally delivered services.