The Saudi sovereign wealth fund has signed an agreement to acquire a controlling interest in broadcaster MBC from the Ministry of Finance (MoF) vehicle Istedamah Holding.
Istedamah was set up in late 2017, seven weeks after hundreds of senior figures were arrested in an anti-corruption sweep in early November and held at the Ritz-Carlton hotel Riyadh.
The deal shows how the 2017 Ritz-Carlton affair continues to shape business affairs in the kingdom.
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