UAE Multiplay allocates $ 845 million for expansion

The CEO of Abu Dhabi-based Multiplay Group said on Friday that the company, of which Global Holding is a major shareholder, will spend 3.1 billion dirhams ($ 845 million) raised when it went public the month. last for deals aimed at expansion.

Multiplay was founded in 2003 as a communications agency and was acquired by Global Holding in 2020 before being listed on the Abu Dhabi stock exchange.

The global holding, chaired by National Security Advisor Sheikh Tahnoun bin Zayed Al Nahyan, is one of the most valuable listed companies in the UAE.

MultiPlay describes itself as a “technology-centric holding company” whose units also include refrigeration and driving instruction activities, as well as spa services.

The chief executive officer of the company, Samia Bouazza, said that most of the above amount will be spent on investments and acquisitions and will be “distributed almost equally” among all units of business.

“We are very bold and we are looking for in very aggressively good opportunities, “he added, adding that the company is considering several deals in Europe. “The time frame will be determined as opportunities arise,” he said.

Multiplay announced at the end of December that it would invest AED 275 million in Getty Images, in view of a planned merger questyear between the company of media and a special purpose acquisition company.

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