Multiply Group Acquires Controlling Stake in Media 247 for Dhs184Mn

Publish date: Wednesday، 26 April 2023

The Abu Dhabi-based investment holding firm, Multiply Group, has inked a binding commitment to acquire a 55 percent stake in the UAE’s outdoor advertising agency Media 247, for approximately Dhs184 million.

Media 247's assets include more than 45 exclusive offshore premium panels, monopoles and 3D structures spread across the most strategic locations in Dubai.

It also provides media management, print and special projects services and has maintained long-term ties with the most reputable advertisers and agencies locally and internationally.

Media 247 also provides transportation media solutions such as vehicle wraps via Dubai's largest taxi fleet, RTA red taxis, and Dubai Airport taxis.

Jawad Hassan, Head of Media and Communications vertical at Multiply Group, commented, “Our commitment to invest in Media 247 reflects our focus on the growth of Multiply Group’s Media and Communications vertical and the consolidation of assets in the out-of-home media space. Media 247 is a well-established out-of-home media company that shares our philosophy of growth. Together, we will be focusing on growing the company both organically and inorganically. With its excellent inventory across Dubai, we are confident that we can leverage our combined expertise and resources to identify acquisitions, creating a stronger and more competitive business.”

The deal is subject to regulatory conditions and approvals.

Multiply Group’s net profits amounted to Dhs18.56 billion in 2022.

Multiply Group Acquires Controlling Stake in Media 247 for Dhs184Mn

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Multiply Group Acquires Controlling Stake in Media 247 for Dhs184Mn

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