Kuwait’s Competition Authority discusses economic concentration PIF’s 54% stake in MBC Group

The Kuwaiti Competition Authority announced that the Saudi Public Investment Fund and MBC Group, listed on the Saudi stock market, have submitted a request for approval to complete an economic concentration transaction.

The request includes the Public Investment Fund’s acquisition of 54% of MBC Group’s shares in a deal aimed at expanding the fund’s investments in the media and entertainment sector, in line with its objectives of supporting economic development and diversifying sources of income in the Kingdom.

The Kuwaiti Competition Authority explained that the deal is subject to a review of economic concentration procedures in accordance with Kuwaiti competition laws.

MBC Group had previously announced receiving a notification from Istidama Holding Company, one of its major shareholders, regarding the conclusion of a binding share sale and purchase agreement with the Public Investment Fund on November 1, 2024, in preparation for the completion of the transaction after fulfilling legal and regulatory requirements. The Public Investment Fund is known for its strategic role in stimulating economic growth according to the highest standards. MBC Group is one of the most prominent media groups in the region, operating in television broadcasting and producing programs and media content.

This move is part of the Public Investment Fund’s strategy to achieve the goals of Saudi Vision 2030, as it is a driving force for the national economy and a key catalyst for the economic transformation process in the Kingdom.

The Fund works to accelerate growth in strategic sectors and invest in promising opportunities locally and globally, contributing to diversifying sources of income, localizing technologies and knowledge, and creating direct and indirect jobs.

The Fund has an ambitious strategy aimed at consolidating its position as one of the largest and most influential sovereign funds globally by building strategic partnerships in promising sectors, including media and entertainment, a sector with growing economic and cultural impact. This is in line with the goals of Vision 2030 to develop creative industries.