The new headquarters will form a part of Riyadh’s Media City project, which is a business hub including cultural, media and technology sector.
MBC Group has signed an agreement with Saudi Arabia to establish a new headquarters in Riyadh, as part of the Media City project in the Kingdom.
The agreement was signed by Prince Badr bin Abdullah bin Farhan Al Saud, Chairman of Riyadh’s Media City project, and MBC Group Chairman Sheikh Waleed on Tuesday with a five-year timeframe.
An MoU was also signed to incorporate MBC-owned sister news channels Al Hadath and Al Arabiya, which will open new offices in Saudi Arabia.
A similar deal will also see Saudi Research and Marketing Group, publishers of Arab News, join Saudi Media City, which is located in Riyadh’s diplomatic quarter.
MBC Group aims to begin conducting business from the new location within five years, the company said in a statement, according to media reports.
In a statement on Twitter, Prince Badr bin Abdullah bin Farhan Al Saud said: “I signed with my brother, Sheikh Waleed bin Ibrahim Al Ibrahim, Chairman of the board of MBC Group, 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 across the MENA region, as well as digital platforms offering content ranging from news to entertainment.
An agreement was also signed with Jerry Li, founding partner of eWTP Capital, which is backed by Jack Ma, head of e-commerce giant Alibaba Group.