• The Capital Market Authority in Saudi Arabia has given its approval to regional broadcaster MBC Group for an initial public offering, aligning with the current surge in listings across the Gulf. MBC is authorized to offer 33.25 million shares, equivalent to 10% of the company's share capital, as stated in a filing to the Tadawul on Tuesday. The approval is contingent on the completion of the offering and listing within a specified period, with the offer price to be determined at the conclusion of the book-building period, according to MBC's statement.

• The IPO aims to support MBC's strategic initiatives to enhance its market position, expand audience reach, and venture into new entertainment sectors, according to Waleed Al Ibrahim, Chairman of MBC Group. The offered shares will be traded on the Saudi Exchange's main market, leaving the current shareholders with a combined 90% ownership of the company's share capital after the offering's completion. Al Istedamah Holding currently holds a 60% share, while businessman Mr. Al Ibrahim has a 40% share.