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

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. 

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