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EXTENDING THANKS AND APPRECIATION TO CMA, TADAWUL, MINISTRY OF COMMERCE ALKHEREIJI: THE APPROVAL OF ALARABIA OFFERING ENHANCES OPPORTUNITIES TO INCREASE INVESTMENT IN THE ADVERTISING SECTOR

On behalf of the board of directors and all AlArabia employees, Mohamed bin Abdulelah AlKhereiji, CEO of AlArabia, extended his thanks and appreciation to the Capital Market Authority (CMA), and the Saudi Tadawul Group (“Tadawul”) for approving AlArabia application for the public offering of 30% of its 15 million shares, after fulfilling the regulatory requirements, pursuant to the CMA law and its implementing regulations.

AlKhereiji indicated that the offering will contribute to increasing the market depth of advertising, content, and publishing industry by enabling national companies to move forward within the framework of digital transformation, increasing the Saudization percentage of this industry, achieving strong investment response, and contributing to transforming traditional advertising media into smart interactive digital means. This contribution is a significant addition to the smart city model that the company has strived to achieve.

“Investments in advertising, content, and publishing industry has witnessed a steady progress locally and globally and has realized profitable returns as an anchor for all government directions and initiatives. The Kingdom devotes greater attention to this industry for its effective impact on the future of promising investments within simple and feasible regulatory environments,” AlKhereiji added.

AlKhereiji also clarified that the Arabian Contracting Services (“AlArabia”) aspires to transparently share its directions and success journey with investors and the community to bring about a qualitative transformation with regard to local and international investments in the advertising and media industry. The company also aspires to introduce the national capabilities in this industry; develop the best products; and enhance its opportunities to attract local and global investments in order to achieve the objectives of the Saudi Vision 2030 initiatives.

Concluding his statement, AlKhereiji thanked the CMA, Tadawul, and Ministry of Commerce for their tireless efforts to support the active national companies in offering their shares in the market in order to increase and promote investments in all significant economic sectors, of which the advertising and media sector is a fundamental part.