MBC’s Al Arabia's shares in green after plans to acquire Faden Media for $279m

Al Arabia aims to benefit from its competitive advantages by acquiring a larger share of the outdoor advertising market. (Shutterstock)
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Updated 12 October 2022
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MBC’s Al Arabia's shares in green after plans to acquire Faden Media for $279m

RIYADH: Arabian Contracting Services Co.'s shares increased on the news that it has entered into an agreement to acquire all shares of Faden Media for SR1 billion ($279 million).

The Middle East Broadcasting Co.-backed firm saw its shares increase 0.18 percent at the end of Wednesday's trading to reach SR110.20.

The completion of the acquisition still requires the approval of relevant government authorities, as well as approval from the General Authority for Competition, according to a bourse filing.

The company is following a growth strategy that seeks to establish profitable alliances and partnerships locally and regionally.

Al Arabia aims to benefit from its competitive advantages by acquiring a larger share of the outdoor advertising market, whether it is roadside advertising or indoor advertising, to advance the company's position, maintain its leading position, and increase its market share, it said.

Founded in 2006, Faden Media is a limited liability company with a capital of SR25 million.

Faden’s business entails digital advertising media on buildings and retail stores throughout Saudi Arabia.  


India seals $3bn LNG agreement with UAE

Updated 8 sec ago
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India seals $3bn LNG agreement with UAE

  • Leaders hold talks to strengthen trade, defense ties

NEW DELHI, DUBAI: India signed a $3 billion deal on Monday to buy liquefied natural gas from the UAE, making it the Gulf country’s top customer, as the leaders of both countries held talks to strengthen trade and defense ties.

The agreement was signed during a very brief two-hour visit to ‌India by UAE ‌President Sheikh Mohammed bin Zayed Al-Nahyan for talks with Indian ‌Prime Minister Narendra Modi. 

They pledged to double bilateral trade to $200 billion in six years and form a strategic defense partnership.

Abu Dhabi state firm ADNOC Gas will supply 0.5 million tonnes of LNG a year to India’s Hindustan Petroleum Corp. for 10 years, the companies said.

ADNOC Gas said the agreement brings the total value of its contracts with India to over $20 billion.

“India is now the UAE’s largest customer and a ‌very important part of ADNOC Gas’ LNG strategy,” ‍the company said.

The UAE is ‍India’s third largest trading partner and Sheikh Mohammed was accompanied ‍by a government delegation that included his defense and foreign ministers. The two sides signed a letter of intent to work toward forming a strategic defense partnership, India’s Foreign Secretary Vikram Misri told reporters.

Misri, however, said that the signing of the letter of intent with the UAE does not mean that India will get involved in regional conflicts.

“Our involvement on the defense and security front with a country from the region does not necessarily lead to the conclusion that we will get involved in ‌particular ways in the conflicts of the region,” he said.