Skip to content Skip to Search
Skip navigation

Multiply Group to buy 55% stake in Media 247 for $50m

By Pramod Kumar
Multiply Group IPO Media 247 Media 247
Media 247, in which Multiply Group has acquired a 55% stake, provides advertising wraps for Dubai's red-top and airport taxis

Multiply Group, an Abu Dhabi-based investment holding company, has signed a binding offer to acquire a 55 percent majority stake in Media 247, a UAE outdoor advertising firm, for AED184 million ($50.11 million).

Media 247 assets include over 45 outdoor premium hoardings, unipoles and 3D structures across Dubai. The company offers media management, printing and special projects services both locally and internationally. 

Media 247 also provides transit media solutions such as vehicle wraps across Dubai’s largest taxi fleet, RTA’s red-top and airport taxis.

Jawad Hassan, head of media and communications at Multiply Group, said: “Our commitment to invest in Media 247 reflects our focus on the growth of Multiply Group’s media and communications vertical and the consolidation of assets in the out-of-home media space.”

Rafiq Abu Hijleh, founder and president at Media 247, added: “Our company was already on a fast track to achieve our objectives with rapid growth, and this partnership will enable us to further widen our offerings and broaden our network in the UAE and beyond.”

Multiply Group has been deploying capital across its two arms: Multiply and Multiply+. 

Multiply operates and invests in four current verticals – mobility, energy and utilities, media and communications, and beauty and wellness. At the same time, Multiply+, its sector-agnostic and opportunistic investment arm, looks to target double-digit returns across several asset classes. 

Deal completion is subject to regulatory conditions and approvals, a statement said. 

Latest articles

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]

Iraqi prime minister Mohammed Shia Al-Sudani attends licensing rounds for 29 oil and gas exploration blocks at the oil ministry's headquarters in Baghdad

Falling oil prices deepen Iraq’s fiscal imbalances, says IMF

Iraq’s fiscal imbalances have worsened due to significant fiscal expansion and lower oil prices, according to the International Monetary Fund (IMF). “The ongoing fiscal expansion is expected to boost growth in 2024 at the expense of a further deterioration of fiscal and external accounts and Iraq’s vulnerability to oil price fluctuations,” the Washington-based fund said in […]

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]

One of the four restaurants in the Palazzo Versace Dubai hotel, which is listed on the Emirates Auction website

Palazzo Versace hotel sale aims to ride Dubai tourism wave

Owners of Dubai’s ultra-luxurious Palazzo Versace hotel are looking to capitalise on the emirate’s tourism boom before it peaks, offering it for sale at nearly AED1.4 billion ($380 million). A source familiar with the asset told AGBI the hotel is being “readvertised” as it has not found a buyer willing to meet its price tag […]