MBC Group, the largest multi-media company in the Middle East and North Africa, signed an agreement on Tuesday to establish a new headquarters in Saudi Arabia’s capital Riyadh.
The new headquarters will form a part of Riyadh’s Media City project, which is a business hub including cultural, media and technology sectors. MBC Group aims to begin conducting business from the new location within five years, the company said in a statement.
Prince Badr bin Abdullah bin Farhan Al Saud, the chairman of Riyadh’s Media City project, wrote on Twitter: “I signed with my brother, Sheikh Waleed bin Ibrahim Al Ibrahim, chairman of the board of MBC Group, the largest group in the Arab world, an agreement to establish a new headquarters for the group in Media City.”
Currently headquartered in Dubai, MBC offers a wide variety of TV content to an audience of 180 million across the Middle East and North Africa, as well as digital platforms offering content ranging from news to entertainment.
“Through the establishment of a new headquarters in Riyadh, the group seeks to keep abreast of developments in the Kingdom, and to benefit from the open, developed and supportive environment for the media and entertainment sectors, and with those, content production,” Sheikh Waleed said.
“We are working to consolidate and continue our leadership in this vital sector throughout the whole region, especially in light of the tremendous developments that have resulted and are constantly being produced by the reforms and development steps in the Kingdom, since the announcement of Vision 2030.”
Abdul Rahman bin Hamad Al Rashed, Chairman of the Editorial Board of the Al Arabiya Network and Al Hadath TV also signed a memorandum of understanding to establish a new center for the Al Arabiya Network and Al Hadath in Riyadh’s Media City to expand its regional activities.
Al-Rashed said that the new center for Al Arabiya and Al Hadath in Riyadh would have the latest equipment and technology in the news, TV and digital industries.
The expansion of Al Arabiya network and Al Hadath will include a training institute, in addition to a center for studies and news services.
The Riyadh Media City project is supported by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and His Royal Highness the Crown Prince Mohammed bin Salman. It is part of the Vision 2030, which aims to modernize and reform the Kingdom’s economy and society.
Al Hadath, Al Arabiya and Al Arabiya English are owned by MBC Group.