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.


German firm wins mega order to build olive oil mill in Saudi Arabia

Updated 14 min 28 sec ago
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German firm wins mega order to build olive oil mill in Saudi Arabia

  • Scope of project, located in Al-Jouf, expected to encompass 5 million olive trees
  • Saudi Arabia investing heavily in developing domestic food industry

Arab News LONDON: A German company has won an order to build a massive olive oil mill in Saudi Arabia that will be the largest in Asia.
GEA won the order from The National Agricultural Development Company (NADEC), one of the largest agricultural and food-processing companies in the Middle East.
The scope of the project, located in the region of Al-Jouf, is expected to encompass 5 million olive trees from a single farm of 3,000 hectares, GEA said in a statement on Tuesday.
“Once the construction process is completed, this facility will be largest and most modern olive oil mill in Asia,” said Rafael Cárdenas, head of the Center of Excellence for Olive Oil at GEA.
Gulf states including Saudi Arabia, the region’s largest economy, are investing heavily in developing their domestic food industries in an effort to reduce their reliance on imports and boost their food security.
The contract to build the Al-Jouf olive oil mill is the second phase of an ongoing project and will enlarge the existing olive oil plant that was built in 2016.
Al-Jouf Agriculture Development Company is the largest modern olive farm in the world.