Dubai: International investment group Kingdom Holding Company (KHC) is poised to acquire a 25-40 per cent stake in Dubai-based Millennium Millionaire Group (MMG), an MMG official said.
MMG Vice-President Ashraf Zaalok said company President Mohammad Al Jaber agreed to the sale at a recent meeting in Riyadh with KHC officials.
MMG publishes Dubai-based Millennium Millionaire, a quarterly magazine focused on luxury living. It was established in 1999 under the auspices of Shaikh Hamad Bin Hamdan Al Nahyan, Shaikh Hamad Bin Ali Bin Jabor Al Thani, and businessman Mohammad Obaid Al Jaber, chairman of the Al Jaber Group.
Advertising
KHC began operations in the construction industry and expanded into international investments ranging from luxury hotels to banking, media and information technology, entertainment and tourism.
With the addition of a new publisher on their team, the company has the ability to promote its presence in the market.
KHC, which has interests in well-known companies around the world, was founded by Saudi Prince Al Waleed Bin Talal Al Saud.
Zaalok said official documents for the sale had been forwarded to Prince Al Waleed.
Global player
He said that MMG can take advantage of the company's presence across the globe. KHC is recognised as a prominent player in the media and advertising industries.
MMG is seeking to expand in the US. The group already has offices in Munich, Germany, and California and representatives in other parts of the world.
Two to tango
Prince Al Waleed Bin Talal Al Saud, KHC founder, with Ashraf Zaalok, MMG
Vice-President. MMG publishes Dubai-based Millennium Millionaire, a quarterly magazine focused on luxury living.
