Abu Dhabi's Multiply Group takes majority stake in Media 247

Dubai: Abu Dhabi's Multiply Group has purchased a majority stake in UAE-based outdoor advertising firm Media 247 for Dh225 million, it was announced on Wednesday.

This move follows Multiply Group's April 2023 announcement of its intent to invest, pending regulatory approvals, which have now been obtained. The acquisition price was adjusted due to Media 247's robust financial performance in H1 2023, exceeding revenue and profitability targets by approximately 10 per cent and 37 per cent, respectively.

"Media 247, known for its extensive portfolio of over 45 exclusive outdoor premium hoardings, unipoles, and 3D structures across Dubai’s most prominent locations, further solidifies Multiply Group’s position in the media and advertising sector," Multiply said in a statement.

The company offers services such as media management, printing services and transit media solutions across Dubai’s taxi fleet.

“The global media and communications industry, valued at $2 trillion, is undergoing a seismic shift due to rapid digital transformation, immediate content dissemination, and heightened user engagement, presenting unprecedented growth avenues,” said Samia Bouazza, Group CEO and Managing Director at Multiply Group.