Saudi state media companies to start moving from Dubai to Riyadh

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DUBAI — Dubai-based Saudi state-owned media corporations will begin transferring workers this month to the capital Riyadh, sources stated, as Crown Prince Mohammed bin Salman presses forward with plans to remold the dominion as a regional enterprise hub.

The transfer follows a Saudi authorities determination earlier this yr to cease giving state contracts to corporations and business establishments that base their Center East headquarters in every other nation within the area.

State-owned Al-Arabiya and Al Hadath TV channels knowledgeable their staff this week about plans to begin broadcasting 12 hours a day from Riyadh by subsequent January, two sources accustomed to the matter advised Reuters.

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They added that it may take as much as two years to finish the relocation.

MBC Group, the Center East’s largest media firm, and Asharq Information, a newly created tv information channel, have additionally internally mentioned plans to maneuver to Riyadh, the sources stated.

The Saudi authorities took possession of a majority stake in MBC Group when authorities acted to grab property from these caught up in an anti-corruption investigation in 2018.

MBC, Arabiya and Hadath are based mostly in Dubai Media Metropolis, the United Arab Emirates’ media hub that hosts a whole lot of media corporations and most of their Center East headquarters. Asharq Information relies in Riyadh however has a big hub in Dubai Worldwide Monetary Centre (DIFC).

Arabiya and Hadath didn’t reply to requests for remark.

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MBC stated in a press release despatched to Reuters that again in February 2020, the MBC Group chairman publicly introduced the intention to determine a brand new headquarters in Riyadh which might contain making a enterprise and manufacturing hub.

“Our plans are on monitor,” the assertion stated.

Bloomberg reported concerning the media corporations’ relocation plans earlier this week.

Regardless of being shut allies, Saudi Arabia and the neighboring UAE are competing to draw buyers and companies as they each pursue plans to diversify their economies in a post-oil period.

Their nationwide pursuits have diverged more and more over the previous few years, in addition to their views on regional points reminiscent of of their relations with Israel and Turkey.

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