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.


Majlis culture brings a little Saudi warmth to freezing Davos

At a five-star hotel in Davos, the Saudi Arabia General Investment Authority has sponsored a prominent display proclaiming ‘The future-forward economy — Invest Saudi.’ (AN photo)
Updated 23 January 2019
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Majlis culture brings a little Saudi warmth to freezing Davos

  • The Misk Pavilion is one of the many signs of the Kingdom’s enthusiastic involvement in the world’s biggest gathering of political, business and thought leaders

DAVOS: From the sub-zero temperatures of the icy Davos Promenade you are ushered through a glass door into the warmth of a desert majlis, with works by young Saudi artists on the walls and traditional Arabian delicacies being served. It is quite a culture shock.

The Davos majlis is the work of the Misk Global Forum (MGF), the international arm of the organization founded by Crown Prince Mohammed bin Salman to promote youth empowerment. 

The Misk Pavilion is one of the many signs of the Kingdom’s enthusiastic involvement in the world’s biggest gathering of political, business and thought leaders.

“The Kingdom’s participation in WEF 2019 highlights its role in developing the regional and global economy, and reflects the nation’s continuing ambition for sustainable development,” said Bader Al-Asaker, head of the crown prince’s private office and chairman of the Misk Initiatives Center. 

The Saudi delegation’s HQ overlooks the main congress hall, inside the Davos security cordon. 

At a nearby five-star hotel, the Saudi Arabia General Investment Authority has sponsored a prominent display proclaiming: “The future-forward economy — Invest Saudi.” 

This is the second year Misk has been prominent at Davos. As well as the majlis, its pavilion offers visitors the chance to immerse themselves in modern Saudi art via a virtual reality tour of the work of four young artists.

Misk is organizing daily events there, building up to a power breakfast with leading executives on Friday on the theme of youth empowerment.

“In an age of profound economic disruption, we regard young people as the problem-solvers, not a problem to be solved,” said MGF executive manager Shaima Hamidaddin.

“We’re holding interactive discussions on how to empower young people to be the architects of the future economy, not the tenants of it.”