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RIYADH — MBC Group has announced that Istedamah Holding Company, a substantial shareholder in the company, has signed a binding share sale and purchase agreement (SPA) with the Public Investment Fund (PIF).Under the terms of the agreement, Istedamah will sell its entire 54% stake in MBC Group, totaling 179,550,000 shares, to PIF in a private transaction valued at SR7.469 billion, equating to SR41.60 per share.Completion of the transaction is subject to several conditions, including necessary regulatory approvals. Once finalized, the transaction will be executed as a negotiated deal following the Saudi Exchange’s (Tadawul) Trading and Membership Procedures.Upon completion, PIF will hold a majority stake of 54% in MBC Group. — SG
November 03, 2024
MBC Group announces sale of Istedamah’s 54% stake to Public Investment Fund for SR7.4 billion
November 01, 2024
GCC, New Zealand sign free-trade agreement
October 31, 2024
HONOR unveils pre-order of the stunning HONOR MagicBook Art 14
RIYADH — The Public Investment Fund (PIF) announced Thursday the signing of five memorandums of understanding (MoUs) valued at up to $51 billion with prominent Japanese financial institutions.The MoUs were signed with Mizuho Bank, Sumitomo Mitsui Financial Group, MUFG Bank, Japan Bank for International Cooperation (JBIC), and Nippon Export and Investment Insurance (NEXI).These agreements are integral to PIF’s strategy to enhance global financial collaboration, supporting cooperation across finance, investment, and sustainable development. They aim to facilitate two-way capital flows through both debt and equity channels.Rasees AlSaud, Head of Financial Institutions and Investor Relations, commented on the agreements, stating, “The MoUs demonstrate PIF’s robust and ever-deepening...
October 31, 2024
PIF signs $51 billion MoUs with major Japanese financial institutions
Lubna S. Olayan, Chair of the Board of Directors of Saudi Awwal Bank (SAB), announced today the Bank’s financial results for the period ending 30 September, 2024.For the first nine months of 2024, SAB recorded a net profit after zakat and income tax of SR5,944 million, representing a year-on-year increase of 16%. Total operating income rose by 10% to reach SR10,467 million.Lubna Olayan, Chair of SAB, commented: “I am pleased to share that SAB continues to demonstrate a robust financial performance. Our results for Q3 2024 demonstrate the success of the bank's strategy, with continued growth and strong performance across all customer segments. Our year-to-date Return on Tangible Equity (RoTE) reached an impressive 15.8%.Net loans and advances reached SR252 billion, representing a...
October 31, 2024
Saudi Awwal Bank records SR5.9 billion net profit after Zakat and Income Tax for YTD Q3
Saad Anwar, a 26-year-old Indian entrepreneur, secured his Premium Residency in Saudi Arabia in 2024, opening doors to significant opportunities for expatriates.
This residency allows individuals like Saad to work, own businesses, and invest in property without needing a local sponsor.
Saad’s journey is marked by resilience and ambition. Born in Lucknow, he moved to Jeddah with his family in 2003, quickly adapting to his new surroundings.
After completing his education, he began his career at 18, advancing through various roles until he launched his entrepreneurial journey in 2017.
By 2022, he fully acquired Senyar Arabian Trading, a contracting and manpower support company, and now serves as its CEO.
Since obtaining his Premium Residency, Saad has actively invested...
October 30, 2024
Saad Anwar: Indian entrepreneur expands business ventures in Saudi Arabia
October 30, 2024
EU gives final green light to steep tariffs on Chinese electric cars
October 29, 2024
The new off-road SUV of the future: Global launch of the J5 is imminent, leading a new trend in light off-road lifestyle
October 28, 2024
General Atlantic announces Riyadh office opening as firm expands in the Middle East
GymNation, the fastest-growing fitness brand in Saudi Arabia, has announced plans to accelerate its expansion following the opening of its 20th gym in the Middle East, marking its first six locations in Saudi Arabia.Reflecting on GymNation’s rapid growth and successful entry into the Saudi Arabian market, Loren Holland, GymNation Founder & CEO, said: “We’ve opened ten gyms this year, six of which are in Saudi Arabia — all on time, on budget, and exceeding membership expectations. We’ve received a very warm welcome and found Saudi Arabia to be a highly business-friendly environment, facilitated by ongoing support from the Ministry of Investment (MISA), who have been instrumental in GymNation’s expansion into the Kingdom.”With a government-led push to increase fitness...
October 28, 2024
Saudi Arabia's fitness movement: GymNation to accelerate expansion following opening of 20th location
