Saudi Arabia’s Capital Market Authority approves MBC Group request to sell 33m shares

Saudi Arabia’s Capital Market Authority approves MBC Group request to sell 33m shares
This approval will be valid for six months from CMA’s resolution date. (Wikimedia Commons/Sourced)
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Updated 22 November 2023
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Saudi Arabia’s Capital Market Authority approves MBC Group request to sell 33m shares

Saudi Arabia’s Capital Market Authority approves MBC Group request to sell 33m shares
  • The listing will be published ahead of the planned sale, said CMA in a statement

LONDON: Saudi Arabia’s Capital Market Authority approved on Tuesday a request from MBC Group to sell 10 percent of its capital, or 33.25 million shares, in an initial public offering on the Saudi Exchange Tadawul.

The listing for the Mideast pan-regional broadcaster and streamer will be published ahead of the planned sale, according to a CMA press statement.

This approval will be valid for six months from the market regulator’s resolution date and will be considered canceled if MBC Group does not complete its offering and listing within this period.

Saudi Arabia’s government owns 60 percent of the broadcaster, while Waleed Al-Ibrahim, the founder and chairman, owns the remaining stake.


Haaretz exposes distortions of the truth by Israeli authorities about Hamas attacks

Haaretz exposes distortions of the truth by Israeli authorities about Hamas attacks
Updated 05 December 2023
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Haaretz exposes distortions of the truth by Israeli authorities about Hamas attacks

Haaretz exposes distortions of the truth by Israeli authorities about Hamas attacks
  • Investigation by the Israeli newspaper finds exaggerations and lies in some reports of incidents on Oct. 7 and accuses high-ranking officials of spreading misinformation
  • Distorted and inaccurate narratives ‘provide ammunition for those who deny the massacre’ and raise concerns about credibility of information from official sources, it warns

LONDON: A report in an Israeli newspaper has accused authorities in the country of spreading misinformation about the Oct. 7 attacks.

During its investigation, Haaretz found that some narratives propagated by Israeli officials concerning the actions of Hamas contained “significant exaggerations.”

Those who promoted distorted narratives included senior military officials, politicians and civil society activists, including Prime Minister Benjamin Netanyahu’s office and wife, along with several ministries and government departments, according to the report, which was published on Sunday.

“Politicians, IDF (Israel Defense Forces) officers, Zaka (community emergency response teams) volunteers and many activists on social networks have been describing horror stories committed by Hamas terrorists since Oct. 7,” it said.

“Most of the time, these are real testimonies supported by a lot of evidence but … there have also been stories and descriptions that are not true and which, among other things, provide ammunition to the deniers of the massacre.”

Journalists Nir Hasson and Lisa Rozobsky, the writers of the report, debunked several claims, including a notorious allegation that Israeli soldiers had discovered the bodies of dozens of beheaded children, a narrative that circulated widely on social media. They highlighted ways in which the story had evolved to include claims that children’s bodies had been burned or hanged.

The report said that such alleged narratives, along with graphic images, were even shared by an Israeli government official on social media and mentioned by Netanyahu in his conversation with US President Joe Biden.

Another debunked story involved the alleged kidnapping by Hamas of a pregnant woman, who was said to have given birth while in captivity. The incident was mentioned in a letter sent by Doron Neuberger, Netanyahu’s wife, to US First Lady Jill Biden. Subsequent social media posts revealed that the woman, Natthawaree Mulkan, was not pregnant.

During their investigation, Hasson and Rozobsky provided several other examples of stories that had been debunked or were otherwise incorrect, but which had gained international traction.

During a donor conference in the US, for example, Eli Beer, the founder and president of emergency medical services organization United Hatzalah, propagated a fabricated story about a child burned to death inside an oven. The unsubstantiated story was subsequently reported by British newspaper the Daily Mail.

The report concluded with a warning about the consequences of such exaggerated or inaccurate stories, which “provide ammunition for those who deny the massacre” and raise significant concerns about the credibility of information from official sources.


Journalist death toll in Israel-Hamas conflicts reaches 61, media watchdog confirms

Journalist death toll in Israel-Hamas conflicts reaches 61, media watchdog confirms
Updated 04 December 2023
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Journalist death toll in Israel-Hamas conflicts reaches 61, media watchdog confirms

Journalist death toll in Israel-Hamas conflicts reaches 61, media watchdog confirms
  • Month of conflict represents deadliest for journalists since reports began 30 years ago
  • Israel authorities said they cannot guarantee safety of media workers in Gaza

LONDON: The toll on journalists amid the Israel-Hamas conflict has reached a grim milestone, with at least 61 media professionals confirmed dead, according to a report by the Committee to Protect Journalists on Monday.

The breakdown of casualties includes 54 Palestinian journalists, 4 Israeli journalists, and 3 Lebanese media workers, marking the deadliest month for journalists since the CPJ began documenting fatalities in 1992.

In addition, 11 journalists were also reported injured, 3 missing, and 19 arrested.

“As of December 4, CPJ’s investigations showed at least 61 journalists and media workers were among more than 16,000 killed since the war began on October 7,” CPJ wrote in a blog post.

It added: “This deadly toll is coupled with harassment, detentions, and other reporting obstructions in Gaza, the West Bank, Israel, and beyond.”

The organization has been investigating and independently verified all reports of journalists and media workers killed since Oct. 7.

CPJ said that it was also investigating unconfirmed reports of other journalists killed, missing, detained, hurt or threatened, and of damage to media offices and journalists’ homes.

Sherif Mansour, CPJ’s Middle East and North Africa program coordinator, said “that journalists are civilians doing important work during times of crisis and must not be targeted by warring parties.”

“Journalists across the region are making great sacrifices to cover this heart-breaking conflict. Those in Gaza, in particular, have paid, and continue to pay, an unprecedented toll and face exponential threats.”

Amid the escalating conflict, Israeli forces reported telling news agencies of their inability to ensure the safety of journalists working in Gaza, where the conflict resumed recently after a one-week truce.

Israel’s record on the protection of media workers has faced criticism, with calls for accountability directed at their leaders for not doing enough to prevent the targeting of journalists.

On Monday, Israeli tanks were reported to have opened fire on journalists and photographers in Gaza.

Palestinian journalist Motaz Azaiza shared the video of the incident in which he and a colleague are seen running from Israeli army projectiles fired from tanks and targeting civilians on the street, while wearing press vests.

On Sunday, Lama Al-Arian, a Beirut-based multi-Emmy-award-winning journalist, penned a poignant essay for The New York Times, recounting the loss of her friend Issam Abdallah near the Lebanese-Israeli border on Oct. 13.

She highlighted the conclusion drawn by Reporters Without Borders, stating that Issam Abdallah and the accompanying journalists were “explicitly targeted” in the attack originating from Israel.

Al-Arian underscored Israel’s persistent targeting of journalists, calling it a “deadly, decades-long pattern” for which there has been a lack of accountability for more than 22 years.


Leaders to address industry challenges at World Media Summit

Leaders to address industry challenges at World Media Summit
Updated 04 December 2023
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Leaders to address industry challenges at World Media Summit

Leaders to address industry challenges at World Media Summit
  • More than 450 representatives from 101 countries are attending the event, themed ‘Boosting global confidence, promoting media development’
  • Among notable Saudi guests were Dr. Fahd bin Hassan Al-Aqran, president of the Saudi Press Agency, and the Saudi consul general in Guangzhou, Dr. Abdullah bin Abiyah

LONDON: The opening ceremony of the fifth World Media Summit took place on Sunday in Guangzhou, capital of Guangdong province in southern China. 

Taking the theme “Boosting global confidence, promoting media development,” the event has gathered together more than 450 attendees from 101 countries, including representatives from 197 mainstream media outlets.

Participants discussed various topics including human development and security, emerging technological opportunities and challenges, the role of media and market in the modern era, and other areas of common concern. 

Among notable Saudi guests were Dr. Fahd bin Hassan Al-Aqran, president of the Saudi Press Agency, and the Saudi consul general in Guangzhou, Dr. Abdullah bin Abiyah.

At the summit, the executive chairman of the WMS and president of Xinhua News Agency, Fu Hua, urged media organizations to build consensus, boost confidence in development, and uphold objectivity and truth to enhance credibility. 

He also emphasized the need to deepen exchanges and collaboration, contributing to the creation of an open, clean and inclusive world characterized by lasting peace, universal security and shared prosperity.

The summit, organized jointly by Xinhua News Agency and the provincial governments of Guangdong and Yunnan, continues in Guangzhou and Kunming until Dec. 8.


Spotify axes 17% of workforce in third round of layoffs this year

Spotify axes 17% of workforce in third round of layoffs this year
Updated 04 December 2023
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Spotify axes 17% of workforce in third round of layoffs this year

Spotify axes 17% of workforce in third round of layoffs this year
  • Swedish music giant is expected to cut about 1,500 people
  • It remains unclear if layoffs are to affect MENA offices, workforce

LONDON: Spotify says it’s axing 17 percent of its global workforce, the music streaming service’s third round of layoffs this year as it moves to slash costs while focusing on becoming profitable.

In a message to employees posted on the company’s blog Monday, CEO Daniel Ek said the jobs were being cut as part of a “strategic reorientation.” The post didn’t specify how many employees would lose their jobs, but a spokesperson confirmed that it amounts to about 1,500 people.

Arab News has reached out to Spotify to understand the extent of the impact these layoffs will have on the company’s Middle East offices and its workforce.

Spotify had used cheap financing to expand the business and “invested significantly” in employees, content and marketing in 2020 and 2021, the blog post said.

But Ek indicated that the company was caught out as central banks started hiking interest rates last year, which can slow economic growth. Both are posing a challenge, he said.

“We now find ourselves in a very different environment. And despite our efforts to reduce costs this past year, our cost structure for where we need to be is still too big,” he said.

Ek said the “leaner structure” of the company will ensure “Spotify’s continued profitability.”

Stockholm-based Spotify posted a net loss of 462 million euros (about $500 million) for the nine months to September.

The company announced in January that it was axing 6 percent of total staff. In June, it cut staff by another 2 percent, or about 200 workers, mainly in its podcast division.

Tech companies like Amazon, Google, Microsoft, Meta and IBM have announced hundreds of thousands of job cuts this year.

With AP


Saudi calls to boycott TikTok mount as platform denies discrimination

Saudi calls to boycott TikTok mount as platform denies discrimination
Updated 03 December 2023
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Saudi calls to boycott TikTok mount as platform denies discrimination

Saudi calls to boycott TikTok mount as platform denies discrimination
  • Campaign follows reports of alleged censorship of Saudi content
  • Google Trends shows 25% decline for TikTok since last month
  • Short-form video giant labels boycott campaign a ‘smear act’

LONDON: Calls to boycott TikTok in Saudi Arabia have intensified since the launch of a campaign accusing the video platform of unjustly censoring and banning Saudi accounts expressing positive views about the Kingdom.

The momentum behind the boycott has grown as concerns over TikTok’s alleged algorithm manipulation and biased treatment continue to provoke outrage among the platform’s Saudi user base.

Many users have turned to alternative social platforms to denounce TikTok’s alleged restricting of pro-Saudi content, with the trending hashtag #BoycottTiktok accompanied by posts urging Saudis to delete the app.

One X user, @ayedarini, urged others to boycott the app, claiming the platform is engaging in a “war against us.”

The user added: “It has become clear that it is targeting Saudi accounts and promoting everything against them and their country. Boycotting it has become a duty for every Saudi.”

 

A recent post by @X_Tiktok_, a dedicated profile advocating for the platform’s ban in the Kingdom, expressed strong disapproval of TikTok’s “unacceptable” and “abusive” behavior, pledging to persist in its campaign against the platform.

“TikTok still continues its malicious bias with its violating policies on Saudi users’ posts, especially national clips,” the post said. “Saudi Arabia remains a red line and the Saudi people remain strong and strict in their defense of their country, religion and leadership.”

 

Influential social media personalities and celebrities have lent their support to the campaign, leveraging their substantial followings to amplify the message and motivate others to join the boycott. The Saudi private sector has also responded to the boycott’s impact.

Citing a source close to the Saudi First Division League earlier in November, Asharq Al-Awsat newspaper reported that the the second tier of professional football in Saudi Arabia had cut off its relationship with TikTok due to the platform’s alleged actions against Saudi content.

Popular social media news channel The Saudi Post announced on Thursday the cessation of its publications and the closure of all its accounts on the platform.

TikTok issued a statement on Wednesday, denying allegations of restricting Saudi content and dismissing the campaign as a “coordinated action.”

The app said in a statement: “The rumors regarding TikTok removing content related to Saudi Arabia are not true. We strongly reject these allegations that are inconsistent with our policies and values.

“We strongly reject the deliberate smear campaigns that are practiced on our employees and partners and threaten their security and safety.”

 

Political analyst and media personality Salman Al-Ansari commented on the boycott, saying that the platform’s statement lacked any “commitment to corrective measures,” which would only escalate the campaign.

This year, TikTok reported having 26 million active users in Saudi Arabia, positioning it as the second most popular social platform after YouTube.

Data indicates that the boycott has resulted in a decline in the number of Saudi TikTok users. According to Google Trends, the popularity of the term “TikTok” has decreased by 25 percent since the campaign began.

In an effort to rebuild trust, TikTok launched a dedicated hashtag page for Saudi content on its platform.

Despite these measures, the boycott is gaining momentum, transforming into a symbol of public discontent and a defense of Saudi Arabia.

The campaign’s uncertain impact on TikTok’s user base and the platform’s reputation highlights the growing power of collective action by social media users, an area in which TikTok has faced scrutiny.

In the last few years, TikTok and parent company ByteDance have faced intense criticism for handling sensitive user data, leading to calls for a ban in the US.

In November, congress members, activists and tech investors renewed demands for a TikTok ban, alleging bias in content related to the Israel-Hamas conflict.

Nepal last month announced a full ban of TikTok in the country, saying that the Chinese-owned video-sharing platform was “detrimental to social harmony.”