There are reams of newsprint dedicated to Saudi Arabia ditching its "global oil giant" persona, but now we’re seeing it happen in real time. As part of its (very, might we add) ambitious Saudi Vision 2030 goals, the region is going all-out to become the global powerhouse for tourism, tech - and entertainment. Yeah, no biggie.

Saudi Arabia is building an entire creative ecosystem from scratch as part of this "glow-up". Take Diriyah, for instance. It’s a multi-billion-dollar giga-project to turn the country’s historic birthplace into a cultural hotspot (and hopefully, a serious money spinner). The MBC Group is a crucial piece in this puzzle. That explains why they finally packed up their Dubai HQ and moved to Riyadh not too long ago.

The right start-egy

With this move, the MBC Group is looking beyond traditional TV, aiming to become the region’s primary storyteller. Their brand-new HQ base includes state-of-the-art film studios, and the MBC Academy is training a new generation of Saudi filmmakers. Shahid, their Arabic streaming platform, is taking local stories globally.

Last year, the company pulled a "if you can’t beat ’em, join ’em" move. In July 2025, it teamed up with its rival Netflix last year to launch a unified subscription bundle via their new aggregator, MBC Now.

Leveraging their first-mover advantage, MBC Group aims to retain viewers, expand their content library of over 9,000 titles, outpace regional competitors, and solidify their position in Saudi Arabia’s Vision 2030 economy.

Things got even more serious in September 2025 when the Saudi Arabia’s PIF dropped about $2bn (7.469bn Saudi Riyal) to snatch a 54% majority stake in the MBC Group. While the immediate payoff is yet to be reflected in the books, things are looking up for the time being.

Running the figures

In Q3 25, MBC Group saw a decent 7% rise in revenue (SAR 810m), taking its total 9m 25 revenue to SAR 3.84bn, up nearly 30% y/y. Meanwhile, 9m 25 net profit hit SAR 427.8m, a massive 71% y/y jump.

The Broadcasting & Other Commercial Activities (BOCA) segment remained its cash cow, despite a slight hitch, bringing in a solid SAR 399.9min Q3 25, down from SAR 430.4min Q3 24, due to softer advertising demand and the phased conclusion of SSC contract.

The Arabic streaming platform Shahid showed impressive gains, with Q3 25 revenue increasing by 29% y/y, inching closer towards its 2027 break-even target. Shahid’s subscription video-on-demand (SVOD) revenues saw a significant increase of 27%, reaching SAR 813.6m, mainly because of subscriber growth in the MENA region.

The Media & Entertainment (M&E) segment recorded revenues of SAR 89.7m this quarter, contributing to its 80.7% y/y growth to reach SAR 687m in 9m 25.

In the red

Despite strong financial results in 9m 2025, which saw a significant jump in net profits, the market isn’t exactly chuffed. Over one year, its stock price slumped by 42%: shaky geopolitical conditions meant fewer ads: Q2 performance didn't help much either.

However, against this, the two analysts who cover the stock are both buyers - having set an average target price of SAR 49.30, representing almost stellar 79% upside potential from its current level.

Risks in the rearview

While the MBC Group did shore up assuring numbers in the last few quarters, the future is far from smooth sailing. Expect cut-throat competition in the region from local rivals despite the shiny Netflix partnership in their pocket. With platforms looking at the same targets, an expensive "content war" could seriously eat into those profit margins. As the PIF holds a majority stake in the company, the group’s fate is heavily tied to the Saudi Vision 2030 timeline—if those massive giga-projects hit a speed bump, MBC could feel the heat.

Finally, geopolitical instability in the wider region could cause a sudden slowdown in advertising revenue, a move that could pour cold water over its "post-oil" momentum.