SRMG acquires controlling stake in Saudi financial news service Argaam

Updated 18 October 2017
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SRMG acquires controlling stake in Saudi financial news service Argaam

LONDON: The Saudi Research and Marketing Group (SRMG) has acquired a controlling stake in the Argaam Investment and Trading Company, which publishes an online financial news service.
Argaam owns Argaam.com, which provides real-time updates on financial markets and macroeconomic trends in Saudi Arabia. It also owns the news portal Akhbaar24.com.
SRMG Chairman Prince Badr bin Abdullah Al-Saud said the acquisition will help pave the way to a “brighter future” for the digital content industry in Saudi Arabia.
The deal forms part plans by SRMG, the publisher of Arab News, to expand its range of specialized content.
“The acquisition of one of the most important economic websites in Saudi Arabia and the Arab world is a continuation of the group’s strategy to expand its specialized content portfolios in the world of finance, business, market economics and different media platforms,” said Dr. Ghassan Al-Shibl, managing director and chief executive of SRMG.
The acquisition also reflects an anticipated rise in demand for information on Saudi Arabia’s economy and financial markets as the country ramps up non-oil growth and diversifies its economy under its Vision 2030 strategy.
Saudi Arabian data has become a “strategic commodity” for potential investors weighing their options on how to invest in the Kingdom, Al-Shibl said in a statement.
SRMG secured its 51 percent stake for SR37.5 million ($10 million), according to a statement from the company. The deal is self-funded and will be paid in cash after formal procedures are finalized. Ownership is expected to be completed by Oct. 24, pending final regulatory approvals.
The acquisition follows news last month that SRMG signed a deal with the New York-headquartered news conglomerate Bloomberg to launch Bloomberg Al Arabiya — a new multi-platform Arabic-language business and financial news service.
Under the agreement, SRMG will publish Bloomberg Businessweek magazine in Arabic as well as producing a 24/7 television and radio network. The Bloomberg Al Arabiya team will be headquartered in the Gulf, and managed by SRMG with support from Bloomberg.
“The Middle East is an important, economically diverse region and our agreement with SRMG allows us to deliver the sharpest global business and financial insights to a critical audience of business decision makers,” said Michael R. Bloomberg, founder of Bloomberg L.P. and former mayor of New York City in September.


NATO will show unity despite differences: Stoltenberg

Updated 20 June 2018
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NATO will show unity despite differences: Stoltenberg

  • Stoltenberg said NATO hopes to start accession talks with Macedonia at the summit, which will be held in Brussels on July 11 and 12
  • The US leader has also complained that the transatlantic defense alliance is more useful for Europe than it is for the United States

BRUSSELS: NATO chief Jens Stoltenberg voiced confidence Tuesday that Alliance members will demonstrate unity at a summit next month despite “important differences” between the United States and European members of the transatlantic Alliance. US President Donald Trump has called on fellow members to shoulder a bigger share of the NATO budget. The US leader has also complained that the transatlantic defense alliance is more useful for Europe than it is for the United States. However Stoltenberg remained decidedly upbeat on Tuesday, while acknowledging the differences. “I’m absolutely confident that the NATO summit will demonstrate the transatlantic unity, that Europe and the United States stand together despite important differences on important issues like trade, the Paris (climate) agreement or the Iran nuclear deal,” the NATO leader told the France 24 television channel. “I met president Donald Trump recently in the White House and he reconfirmed his strong personal commitment to NATO and he also recognized that European allies are investing more in defense.” Trump caused dismay in Europe during his presidential campaign when he said that NATO was “obsolete” and failing to meet the challenge posed by Daesh terror groups. “He has a strong message about the need to do more (on defense spending) and I agree with him and the European allies also agree with him,” said Stoltenberg. Stoltenberg also said NATO hopes to start accession talks with Macedonia at the summit, which will be held in Brussels on July 11 and 12, after the small Balkan nation reached a deal with Greece to be renamed the Republic of North Macedonia.