MEDIA INTEREST

Saudi Arabia’s Public Investment Fund is acquiring control of MBC Group, the largest Middle East broadcaster in the Middle East, from Saudi Arabia’s Ministry of Finance. In a regulatory filing on Monday, MBC confirmed that the sovereign wealth fund will pay close to $2 billion to government-owned Istedamah Holding Co. for its 54% interest in the company. MBC shares, which were first listed on the Saudi Stock Exchange in January, rose 10% following the report. Founded in 1991, MBC owns a range of channels including Al Arabiya, MBC Max, and MBC Bollywood, as well as the Shahid video streaming platform.

IMF LESSON

IMF Managing Director Kristalina Georgieva is urging Egyptians to put up with the pain it takes to reform their economy. In a visit to Cairo’s new administrative capital on Sunday, where she met with President Abdel Fattah El Sisi and other senior officials, Georgieva said the country needs to follow through with subsidy cuts, asset sales and other steps the IMF required before agreeing to the $8 billion bailout it authorized in March.“Reforms are not easy,” Georgieva said at a press conference with Egyptian Prime Minister Mostafa Madbouly. “My message to you is I have full confidence that you will see the benefits of this reform program in a more dynamic, more prosperous Egyptian economy.”

Mubadala: Spain’s Tubacex said the Abu Dhabi sovereign wealth would pay $200 million to become a strategic partner in its business making equipment for the energy exploration industry.

Public Investment Fund: PIF announced the signing of five memorandums of understanding worth up to $51 billion with major Japanese financial institutions, including Mizuho Bank and MUFG Bank. PIF-backed Qiddiya Investment Co., meanwhile, teamed up with Argentinian tech firm Globant to create an immersive gaming hub in Riyadh’s Qiddiya City entertainment complex.

📈 Energy IPO: Oman’s state energy company OQ said it will sell up to 49% of its OQ Base Industries methanol and liquified petroleum unit, in an IPO that could raise more than $700 million.

🛒 Top Price: Lulu Retail Holdings Plc’s Abu Dhabi IPO is likely to price at the top end of its planned range and raise $1.4 billion, making it the UAE’s biggest listing of the year, Bloomberg reports.

🏝️ Construction Binge: Saudi Arabia’s Red Sea Global plans to invest an additional $27 billion to build resort hotels along the kingdom’s western coast over the next six years, CEO John Pagano said in an interview with Bloomberg.

🌀Energy Gust: China-owned Gotion Power Morocco will run its new $800 million Moroccan factory with electricity generated from a 500-megawatt wind farm built by Saudi Arabia’s ACWA Power.

🎟️ Tickets Sale: The World Economic Forum has increased admission prices tenfold for some attendees at its annual meeting in Davos, Switzerland, raising the cost for second-tier access passes while expanding access options, the Financial Times reports.

🇻🇳 Telecom HQ: Hanoi-based telecommunications company FPT opened a regional headquarters in Riyadh during Vietnamese Prime Minister Pham Minh Chinh’s official visit to Saudi Arabia last week.

🚚 Ground Rules: Dubai South and INDU Kishore Logistics have broken ground on a massive new logistics center that will service the city’s expanded Al Maktoum International Airport.

🚗 Car Wash: The Abu Dhabi Investment Office and other government agencies are inviting bids to develop car wash and service centers in the emirate’s Al Dhafrah and Al Ain regions.

UAE President Sheikh Mohamed bin Zayed and Emir of Qatar Sheikh Tamim bin Hamad held a phone call on Saturday to discuss strengthening cooperation and regional stability.

Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, and Piyush Goyal, India’s Minister of Commerce and Industry, co-chaired an investment meeting in Riyadh last week and oversaw the signing of an agreement for studying the feasibility of electical interconnection between the two countries.

Sheikh Hamdan bin Rashid, Crown Prince of Dubai, Deputy Prime Minister of the UAE and Minister of Defense, visited the country’s Road and Transportation Authority on Sunday to review its $4.4 billion plan for the next three years.

Sheikh Shamma bint Sultan, President and CEO of the UAE Independent Climate Change Accelerators and Co-Founder of Aurora50, launched Chapter Zero UAE, an initiative aimed at managing climate risks and opportunities, during an event in Abu Dhabi. 

Sheikh Nahyan bin Mubarak, UAE Minister of Tolerance and Coexistence, visited Dr. Ahmed El-Tayeb, the Grand Imam of Al Azhar, in Cairo on Saturday and pledged support for efforts to promote peace and reject hatred in the region.

Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, CEO of ADNOC and President of COP28, led the UAE delegation at the 53rd GCC Industrial Cooperation Committee meeting in Qatar, highlighting the UAE’s commitment to foster sustainable economic integration within the Gulf.

Paolo Vivona was appointed CEO, Managing Director and Executive Member of the Board of Directors at Alexandria, Egypt-based ALEXBANK.

🎨 Something Bold: This year’s Abu Dhabi Art festival will be its largest yet, featuring 102 galleries from 31 countries. The fair, held at the Manarat Al Saadiyat from Nov. 20 to 24, will showcase a range of modern and contemporary art, including an exhibit spotlighting regional artists titled “Something Bold, Something New,” and another focused on Central Asia and the Caucuses called, “Silk Road: Drifting Identities.”

Nov. 4-7, Abu Dhabi: ADIPEC. The event is the biggest gathering for energy leaders, policy makers and key industry players. ADNEC. 

Nov. 5-7, Dubai: EMEA Stakeholder Conference, This invitation-only event brings together over 700 of the most influential leaders from across the hotel and real estate industry in Europe, the Middle East and Africa to discuss the latest trends shaping the hotel industry. Lapita Dubai Parks and Resorts Autograph Collection.

Nov. 5-7, Dubai: Gulfood Manufacturing. The event brings food manufacturers, food processing and logistics companies to exhibit and discuss the latest in their industry. DWTC.

Nov. 12-13, Abu Dhabi: CyberQ: Security in the Quantum Era.The event will bring together international experts, key policymakers and industry players to discuss the fundamental challenges of the quantum age of cybersecurity. ADNEC.

Dec. 5-6, Abu Dhabi: Milken Institute Middle East and Africa Summit. Corporate executives, investors, government officials, and philanthropists gather to address the globe’s most pressing issues. St. Regis Saadiyat Island.

Dec. 5-8, Abu Dhabi: Abu Dhabi Grand Prix 2024. World’s fastest race drivers compete in Abu Dhabi leg of the Formula One season. Yas Marina Circuit.

Dec. 9-10, Abu Dhabi: The Bitcoin Conference. The conference connects with industry leaders, and experiences a dynamic expo hall featuring a fusion of technology and art. ADNEC.

Dec. 9-12, Abu Dhabi: Abu Dhabi Finance Week. Bringing top economic talent to discuss the ongoing challenges and prospects in the economy. Al Maryah Island, ADGM Square.