The UAE’s Multiplay Group plans to expand by $845 million

The CEO of the 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) it raised when it listed last month on expansion deals.

Multipleplay was established 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 company, chaired by National Security Adviser Sheikh Tahnoun bin Zayed Al Nahyan, is one of the most valuable listed companies in the UAE.

The company’s chief executive, Samia Bouazza, told Reuters that the majority of the mentioned amount would be spent on investments and acquisitions, and would be “almost evenly distributed” across all business units.

“We are very bold and we are looking very aggressively for good opportunities,” she said in an interview with Reuters, adding that the company was considering several deals in Europe.

No details were given about the potential deals. “The time frame will be determined as soon as opportunities arise,” she said.

Multipleplay announced at the end of December that it would invest 275 million dirhams in Getty Images ahead of an expected merger this year between the media company and a special purpose takeover company.

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