CORRECTED-Saudi condition media companies to begin moving from Dubai to Riyadh

(Corrects spelling of Asharq Information in paragraph 5 and its foundation to Riyadh, not Dubai, in paragraph 7)

By Aziz El Yaakoubi

DUBAI, Sept 3 (Reuters) – Dubai-based mostly Saudi point out-owned media corporations will commence relocating personnel this thirty day period to the money Riyadh, resources reported, as Crown Prince Mohammed bin Salman presses forward with ideas to remould the kingdom as a regional business hub.

The go follows a Saudi federal government decision previously this yr to quit providing condition contracts to organizations and industrial establishments that base their Center East headquarters in any other place in the region.

Point out-owned Al-Arabiya and Al Hadath Tv set channels educated their personnel this week about plans to get started broadcasting 12 hours a working day from Riyadh by upcoming January, two resources acquainted with the matter informed Reuters.

They included that it could take up to two decades to total the relocation.

MBC Team, the Middle East’s greatest media corporation, and Asharq News, a freshly made television news channel, have also internally mentioned programs to transfer to Riyadh, the sources claimed.

The Saudi government took ownership of a bulk stake in MBC Group when authorities acted to seize assets from those caught up in an anti-corruption investigation in 2018.

MBC, Arabiya and Hadath are centered in Dubai Media Town, the United Arab Emirates’ media hub that hosts hundreds of media providers and most of their Center East headquarters. Asharq Information is based mostly in Riyadh but has a substantial hub in Dubai Global Economical Centre (DIFC).

Arabiya and Hadath did not react to requests for remark.

MBC explained in a statement despatched to Reuters that again in February 2020, the MBC Group chairman publicly declared the intention to set up a new headquarters in Riyadh which would include developing a enterprise and creation hub.

“Our programs are on keep track of,” the assertion explained.

Bloomberg claimed about the media companies’ relocation ideas previously this week.

Irrespective of currently being near allies, Saudi Arabia and the neighbouring UAE are competing to draw in investors and organizations as they both pursue strategies to diversify their economies in a write-up-oil period.

Their national pursuits have diverged significantly over the earlier couple years, as very well as their views on regional issues this sort of as in their relations with Israel and Turkey.

(Reporting by Aziz El Yaakoubi and Lisa Barrington Modifying by Mark Heinrich)

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