Prince Alwaleed announces SR1bn deal with music streaming service Deezer

Prince Alwaleed bin Talal described the Deezer share purchase as a 'premium investment'. (File photo Reuters)
Updated 02 August 2018
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Prince Alwaleed announces SR1bn deal with music streaming service Deezer

  • Shares will be bought through Prince Alwaleed’s Kingdom Holding investment company and Rotana Group
  • Deezer is a Dutch music streaming service with 53 million available tracks

LONDON: Prince Alwaleed bin Talal announced on Thursday a SR1 billion ($267 million) deal to buy newly issued shares in the Dutch music streaming service Deezer.

The shares will be bought through Prince Alwaleed’s Kingdom Holding investment company and Rotana Group, the entertainment company owned by the businessman.

Rotana and Deezer also signed an exclusive long-term agreement to distribute Rotana’s popular audio and video content in the Middle East and North Africa, the Kingdom Holding statement said.

“The investment of Kingdom Holding and Rotana Group in Deezer represents one of the many premium investments that we have always sought for our shareholders and the signing of this distribution agreement will move Rotana to the international arena,”   Prince Alwaleed said.

Deezer says it provides one of the largest and most diverse music streaming services with 53 million tracks available to 14 million active users a month.

Prince Alwaleed has investments in a number of international companies including Citigroup Inc and Twitter.


First Abu Dhabi Bank to start commercial banking in Saudi Arabia this year

Updated 23 October 2018
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First Abu Dhabi Bank to start commercial banking in Saudi Arabia this year

  • FAB is the latest foreign bank attracted by openings in Saudi Arabia
  • It had already completed its first debt capital markets transaction in the kingdom through its investment banking business

DUBAI: First Abu Dhabi Bank (FAB), the largest lender in the UAE by assets, said on Monday it will launch commercial banking operations in Saudi Arabia by the end of this year.
The bank, which was granted a commercial banking license in Saudi Arabia earlier this year, has been expanding its staff in the kingdom as it seeks to benefit from the government’s drive to move the economy beyond oil revenues.
It appointed Abdullah Abubakr as head of private banking in Saudi Arabia as of this month, according to his LinkedIn page.
FAB did not respond to a request for comment on his appointment.
FAB is the latest foreign bank attracted by openings in Saudi Arabia. The bank said it had already completed its first debt capital markets transaction in the kingdom through its investment banking business. In February, it was granted a license to conduct arranging and advising activities in the securities business. The bank also on Monday reported a 16 percent rise in third quarter net profit as net interest income and fees and commissions edged higher.
FAB made a net profit of 3.02 billion dirhams ($822 million) in the three months ending Sept. 30, up from 2.61 billion dirhams in the prior-year period, it said in a statement. SICO Bahrain had forecast FAB’s quarterly profit at 2.87 billion dirhams.
FAB’s performance was helped by lower net impairment charges during the quarter, with impairments falling 23 percent to 435 million dirhams. Loans and advances rose to 354 billion dirhams as of Sept. 30, up 8 percent from the same period of last year. Deposits totaled 455 billion dirhams, up 20 percent from a year earlier.