DUBAI: MBC Group is reportedly working with HSBC Holdings and JPMorgan Chase & Co. on an initial public offering in Riyadh.
Bloomberg reported that the listing of MBC Group could come as soon as next year, citing sources familiar with the plans who asked not to be identified because the information had not yet been made public.
They said additional banks could be added to the plans but specific details, such as the size of the IPO, the valuation and the timing, are not yet clear.
Representatives of MBC Group, which describes itself as the biggest broadcaster in the Middle East, declined to comment on the report.
MBC was founded in London in 1991. It moved its headquarters to Dubai in 2002 and then to Riyadh in September this year. The company’s move to Saudi Arabia, its “homeland,” was described as a long-held dream by its chairman, Waleed Al-Ibrahim.
“We have carried this dream with us since the first launch in 1991, even though we thought it was a dream far away from coming true,” he said.
Senior UK MP warns users off Chinese-run TikTok app
Kearns said the bigger concern was “data penetration” via Chinese companies, and the way Beijing was using that data to intimidate “those who sought refuge in the UK and around the world”
Updated 06 February 2023
LONDON: The head of an influential parliamentary committee in Britain on Sunday advised people not to use the Chinese social media app TikTok because of data security concerns.
“There is a reason why China has this app...,” Conservative deputy Alicia Kearns, who chairs parliament’s foreign affairs committee, told Sky News television.
“Our data is a key vulnerability and China is building a tech-totalitarian state on the back of our data. So we have to get far more serious about protecting ourselves.”
Kearns referred in passing to the recent incident in which the US shot down a Chinese ballon off its Atlantic coast. China has denied US allegations that it was being used for espionage purposes.
Kearns said the bigger concern was “data penetration” via Chinese companies, and the way Beijing was using that data to intimidate “those who sought refuge in the UK and around the world.”
Asked if she was saying people should delete TikTok from their phones, she answered: “Without question... It is not worth having that vulnerability on your phone.”
Kearns has been a longterm critic of China’s intelligence activities and what she says is its abuse of technology to that end.
A spokesman for TikTok responded to Kearns’s allegations on Sunday.
“TikTok is enjoyed by millions of people across the UK, and we want to be clear that they can trust us with their data.
“We’re taking steps like storing UK user data in our data center operations in Ireland, starting this year; further reducing employee access to data; and minimizing data flows outside of Europe.”
Relations between London and Beijing have been tense for a number of years.
Points of contention have included China’s crackdown in the former British colony of Hong Kong, and Britain’s refusal to grant a Chinese company Huawei access to its 5G network because of security concerns.
Last October, a British-based Hong Kong pro-democracy activist accused Chinese diplomats of assaulting him during a protest outside China’s consulate in Manchester, northern England.
During the ensuing diplomatic row, six Chinese envoys left Britain and returned to China. Kearns at the time accused them of having “fled the UK like cowards, making clear their guilt.”
As Adrian Monck leaves WEF, his legacy of turning it into a ‘global storytelling platform’ lives on
‘He was very understanding of the Arab world and successfully advanced the forum’s relations with the regional media,’ says Al Arabiya’s Jamil El-Hage
‘Monck was able to put the important — and often overlooked — stories before world leaders, reminding them of their ultimate mission,’ says The National’s Hassan M. Fattah
Updated 05 February 2023
TAREK ALI AHMAD
LONDON: After over 13 years of leading public and social engagement at the World Economic Forum, Adrian Monck announced on Friday that he is leaving his role as managing director of the international organization for public-private cooperation.
“From creating a global storytelling platform, to putting refugees center stage in Davos, and in helping guide the institution through a global pandemic, I am leaving the forum both fortunate and grateful — especially to all of you,” Monck wrote in a LinkedIn post addressing his colleagues.
The seeds Monck has planted through his work with the WEF will continue to grow and be remembered, namely by former colleagues and media figures acquainted with his endeavors.
“Adrian Monck created a global storytelling platform that was able to put the important — and often overlooked — stories before world leaders, reminding them of their ultimate mission,” Hassan M. Fattah, ex-New York Times correspondent in Iraq and former editor-in-chief of UAE’s The National newspaper, told Arab News.
“He brought passion to his role but also imparted empathy and authenticity amid the noise.
“But many of us know him as a fearless journalist who innovated the storytelling format in broadcast and print and brought out compelling stories.”
Monck has redefined the forum and its annual Davos meeting for the digital age, building the organization’s global media presence, establishing a social media following that exceeds 30 million and spans LinkedIn to TikTok, and reaching about a million email subscribers.
“Arguably, Adrian is the man who gave the word ‘forum’ in World Economic Forum its true meaning during his tenure over the past decade,” said Faisal J. Abbas, editor-in-chief of Arab News.
“Adrian opened up the deliberately reclusive WEF to more journalists than ever before, including those who were skeptical of it. He also fought for and created its own media operation and digital presence, an investment which paid off handsomely during the pandemic when Davos lived on only because the set up was there to conduct it virtually.”
Monck’s career started as a journalist in 1988, working for CBS News, ITN, where he was the managing editor of Five News, and Sky.
“Adrian showed incredible foresight all those years ago, when he created his vision for the publishing platform and quality content juggernaut that the World Economic Forum has become,” said Gay Flashman, who runs Formative Content and has worked with Monck’s team at the forum since 2014.
“As a former news journalist he recognized the power of a strategy that enabled the forum to communicate directly with its audiences in a truly unique way,” she told Arab News.
“From long form thought leadership to short snackable content, this approach to content is ubiquitous today, but was groundbreaking when he started his team.”
Al Arabiya news channel’s head of business section Jamil El-Hage, who manages the channel’s annual coverage and sessions at the WEF, told Arab News that Monck, with whom he had a personal as well as professional relationship, played a key role in advancing the forum’s relations with Middle Eastern media.
He described Monck as “very understanding and caring of the region,” hoping that the next person would maintain these strong relations.
In addition to leading the forum’s media and communications activities, Monck oversees the Foundation of Young Global Leaders and the Global Shapers Community.
Prior to joining the forum in 2009 as head of communications and media, Monck worked in academia, heading City University of London’s Department of Journalism during the period from 2005 to 2009.
He co-authored “Crunch Time: How Everyday Life is Killing the Future” with award-winning journalist Mike Hanley in 2007, and wrote “Can You Trust the Media?” in 2008.
Monck is a supporter of applying British television regulations to the press and online media, advocating “regulation that insists on accuracy, fairness and, crucially, impartiality,” in a Press Gazette piece in July 2004.
Nevertheless, he has been a strong advocate of press freedom, while at the same time encouraging media firms to “avoid misleading ‘both-sides-ism.’”
In a 2022 World Association of News Publishers article, he urged editors and reporters to “push back against politicians and political commentators who bring fringe falsehoods into the mainstream public discourse. After all, neutrality does not mean abandoning fact-based journalism.”
Monck added: “Fact-based journalism is vital to protecting free speech as disinformation often tarnishes forward-thinking debate.”
Monck was also president of Britain’s Media Society during the years 2005 and 2006, and a member of multiple influential bodies, including the British Academy Film Awards and the Royal Television Society.
In his WEF departure message, Monck wrote: “As a child in a remote English coastal town I could never have imagined the people, the places and the projects this remarkable organization would open up for me.
“That opportunity is thanks to Klaus. For everyone at the forum, working here means a chance to continually reimagine and reinvent the organization, helping it to stay relevant and true to its mission. And that’s a wonderful gift.”
Although Monck has not revealed his next endeavor, former colleagues and friends trust that he still has a lot to offer.
“We can all be grateful for the impact he has made on the lives he has touched with his energy, his caring and his tenacity,” Fattah said.
“I look forward to his next undertaking which I’m sure will be no less important.”
Flashman said: “We will miss his wit, dry humor and razor-sharp intellect; his team will miss him for all of those traits, plus his kindness and unswerving support.”
The Kingdom vs Captagon
Inside Saudi Arabia's war against the drug destroying lives across the Arab world
Pakistan blocks Wikipedia over ‘blasphemous content’
The Wikimedia Foundation — the non-profit fund managing Wikipedia — said the block “denies the fifth most populous nation in the world access to the largest free knowledge repository”
Updated 05 February 2023
ISLAMABAD: Wikipedia was blocked in Pakistan on Saturday after authorities censored the website for hosting “blasphemous content” in the latest blow to digital rights in the deeply conservative nation.
Blasphemy is a sensitive issue in Muslim-majority Pakistan, and social media giants Facebook and YouTube have previously been banned for publishing content deemed sacrilegious.
The online encyclopedia had been blocked across the country on Friday “after it failed to respond to our repeated correspondence over removal of the blasphemous content and meet the deadline,” Malahat Obaid, a spokesman for the Pakistan Telecommunication Authority, told AFP on Saturday.
The PTA had earlier in the week given Wikipedia a 48 hour ultimatum to remove material, without publically specifying its exact objections.
“They did remove some of the material but not all,” Obaid said. “It will remain blocked until they remove all the objectionable material.”
An AFP reporter in Pakistan was not able to access the site from a mobile phone on Saturday.
The Wikimedia Foundation — the non-profit fund managing Wikipedia — said the block “denies the fifth most populous nation in the world access to the largest free knowledge repository.”
“If it continues, it will also deprive everyone access to Pakistan’s knowledge, history, and culture,” a statement said.
Free speech campaigners have highlighted what they say is a pattern of rising government censorship of Pakistan’s printed and electronic media.
“There’s just been a concerted effort to exert greater control over content on the Internet,” said digital rights activist Usama Khilji.
“The main purpose is to silence any dissent,” he told AFP. “A lot of times blasphemy is weaponized for that purpose.”
Pakistan blocked YouTube from 2012 to 2016 after it carried a film about the Prophet Muhammad that led to violent protests across the Muslim world.
In recent years, the country has also blocked the wildly popular video-sharing app TikTok several times over “indecent” and “immoral” content.
Tesla’s Elon Musk found not liable in trial over 2018 ‘funding secured’ tweets
Tesla shareholders claimed Musk misled them when he tweeted on Aug. 7, 2018, that he was considering taking the company private at $420 per share
Shares of Tesla rose 1.6 percent in after-hours trading following the verdict and Musk tweeted that "he wisdom of the people has prevailed"
Updated 05 February 2023
SAN FRANCISCO: A US jury on Friday found Tesla Inc. CEO Elon Musk and his company were not liable for misleading investors when Musk tweeted in 2018 that he had “funding secured” to take the electric car company private.
Plaintiffs had claimed billions in damages and the decision also had been seen as important for Musk himself, who often takes to Twitter to air his views.
The jury came back with a unanimous verdict roughly two hours after beginning deliberations.
Musk was not present in court when the verdict was read but soon tweeted that he was “deeply appreciative” of the jury’s decision.
“Thank goodness, the wisdom of the people has prevailed,” he said.
Nicholas Porritt, a lawyer for the investors, said in a statement, “We are disappointed with the verdict and are considering next steps.”
Shares of Tesla rose 1.6 percent in after-hours trading following the verdict.
“A dark chapter is now closed for Musk and Tesla,” Wedbush analyst Dan Ives said. Ives added that some Tesla investors feared Musk might have to sell more Tesla stock if he lost.
The world’s second-richest person has previously created legal and regulatory headaches through his sometimes impulsive use of Twitter, the social media company he bought for $44 billion in October.
Minor Myers, who teaches corporate law at the University of Connecticut and who had previously called the investors’ case strong, called the outcome “astounding.”
The US anti-securities fraud law “has always been thought to be this great bulwark against misstatements and falsehoods,” he said. “This outcome makes you wonder if it is up to the job in modern markets,” he said, adding that Musk himself was likely to “double down” on his communication tactics after the verdict.
Musk’s attention has been divided in recent months between Tesla, his rocket company SpaceX and now Twitter. Tesla investors have expressed concerns that running the social media company has taken up too much of his focus. ’Bad word choice’
Tesla shareholders claimed Musk misled them when he tweeted on Aug. 7, 2018, that he was considering taking the company private at $420 per share, a premium of about 23 percent to the prior day’s close, and had “funding secured.”
They say Musk lied when he tweeted later that day that “investor support is confirmed.”
The stock price soared after the tweets and then fell again after Aug. 17, 2018, as it became clear the buyout would not happen.
Porritt during closing arguments said the billionaire CEO is not above the law, and should be held liable for the tweets.
“This case ultimately is about whether rules that apply to everyone else should also apply to Elon Musk,” he said.
Musk’s lawyer Alex Spiro countered that Musk’s “funding secured” tweet was “technically inaccurate” but that investors only cared that Musk was considering a buyout.
“The whole case is built on bad word choice,” he said. “Who cares about bad word choice?“
“Just because it’s a bad tweet doesn’t make it fraud,” Spiro said during closing arguments.
An economist hired by the shareholders had calculated investor losses as high as $12 billion.
During the three-week trial, Musk spent nearly nine hours on the witness stand, telling jurors he believed the tweets were truthful.
Musk later testified that he believed he could have sold enough shares of his rocket company SpaceX to fund a buyout, and “felt funding was secured” with SpaceX stock alone.
Musk testified that he made the tweets in order to put small shareholders on the same footing as large investors who knew about the deal. But he acknowledged he lacked formal commitments from potential backers.
The verdict is another victory for Musk and his lawyer Spiro after they won a defamation lawsuit against the billionaire in 2019 over his tweet calling a cave explorer a “pedo guy.”
How Salient is committed to nurturing Saudi talents in booming communications market
Andrew Bone, Sean Trainor highlight challenges of retaining talents and opportunities for the industry
Updated 05 February 2023
LONDON: Newly formed communications advisory firm Salient, which launched in Riyadh earlier in the week, is committed to forming the next generation of Saudi industry leaders looking to pursue a career in the communications industry.
“Our fresh, innovative approach to communications is the perfect learning environment for nurturing Saudi talents to become global communications consultants,” Salient General Manager Osamah Al-Qusayer told Arab News.
The company, which was founded by industry veterans Andrew Bone and Sean Trainor, specializes in corporate reputation and organizational culture management and offers a range of services including mentoring, coaching, training and consultations.
Recent years have seen a surge in the growth of the communications sector in Saudi Arabia, with many international and boutique agencies, as well as local communications companies, entering the market.
But with this growth comes the challenge of a shortage of local Saudi talents, who often lack the experience and knowledge required for communications work.
The biggest challenge facing the communications market in Saudi Arabia is the search for talent, the pair explained.
“This is where our new agency comes in, with a unique approach to tackling this challenge and creating opportunities for local talents,” Trainor said.
Bone and Trainor, two former employees of public relations firm Hill and Knowlton Strategies, decided to start their own agency with the goal of empowering young Saudis with the skills and knowledge needed to excel in the communications field.
However, after several years of working in the Kingdom, the pair realized that, while the Saudi market provided a large pool of young communications professionals to invest in, maintaining those talents presented a number of obstacles.
“After years of investment, many of these young talents often leave for higher paying jobs or are attracted by the idea of working for big international agencies like Hill and Knowlton, creating a vicious cycle,” Trainor explained.
Seeking to address the issue and turn challenges into opportunities, Salient aims to attract young Saudis by offering employees shares of the firm and a progressive company culture that values talents and allows them to tell their own stories.
“We see an opportunity to create a talent pool that would stay in the game, have skin in the game,” Trainor continued.
“We believe we can establish our own agency with a vision that Saudis can own and build and that focuses primarily on Saudi, and in the long term create a great brand that can stand on its own and service the local market, potentially exporting to the rest of the world.”
Bone and Trainor explained that Salient’s approach is guided by the Kingdom’s 2030 Vision. The country’s transformative moment provides an exciting chance for the industry to construct a narrative and enable Saudi organizations to tell their own stories and take the lead on the world stage, they said.
“Good, bad or indifferent, everybody has an opinion about the nation. And for a person in communications, that is a gift because there is nothing we like better than a good, honest discussion to really help people understand what is going on,” Bone explained.
“If you do not tell your story, somebody else will, and they will invariably get it wrong.”
The pair agreed that much international criticism of Saudi Arabia is generated by a lack of “true understanding” of the country, often caused by “big headlines and bad PR campaigns,” and stressed the importance of tackling the gap between perception and reality when it comes to the international reputation.
Bone and Trainor explained that Salient recognizes the importance of communications in bridging this gap and promoting a better understanding of the country and its people.
“By having locals tell their own story, they can help change the perceptions and attitudes toward Saudi Arabia,” Bone said.