Two memoranda of understanding were signed by Egypt’s United Media Services (UMS) and Saudi Arabia’s MBC on Sunday.
The group named former Chief Executive Officer of the Arab African International Bank Hassan Abdullah as the new chairman of the UMS, succeeding businessman and media producer Tamer Morsi.
The United Media Services (UMS) group announced a full administrative restructuring and its development plan for the coming years.
This announcement came during a press conference held by the company on its future plan to develop media content in Egypt.
Hassan Abdallah is the current Chief Executive Officer of the Arab African International Bank (AAIB).
“The state has taken an initial decision to list this major company on the Egyptian Stock Exchange (EGX) to be owned by the Egyptians,” Amr Adeeb said.
Media outlets affiliated to the banned group of the Muslim Brotherhood claimed that the leadership of the UMS has been changed due to “financial corruption.”
The United Media Services Co. continues to broadcast distinctive evening concerts on its channels until the fourth day of Eid al-Fitr.