SRMG acquires controlling stake in Saudi financial news service Argaam

Updated 18 October 2017
0

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.


New J-Clinic to harness machine learning tech

Updated 14 min 11 sec ago
0

New J-Clinic to harness machine learning tech

MIT and Community Jameel, the social enterprise organization founded and chaired by Mohammed Abdul Latif Jameel ‘78, launched the Abdul Latif Jameel Clinic for Machine Learning in Health (J-Clinic) on Tuesday. This is the fourth major collaborative effort between MIT and Community Jameel.
J-Clinic, a key part of the MIT Quest for Intelligence, will focus on developing machine learning technologies to revolutionize the prevention, detection, and treatment of disease. It will concentrate on creating and commercializing high-precision, affordable, and scalable machine learning technologies in areas of health care ranging from diagnostics to pharmaceuticals, with three main areas of focus:
l Preventative medicine methods and technologies with the potential to change the course of non-infectious disease by stopping it in its tracks.
l Cost-effective diagnostic tests that may be able to both detect and alleviate health problems.
l Drug discovery and development to enable faster and cheaper discovery, development, and manufacture of new pharmaceuticals, particularly those targeted for individually customized therapies.
J-Clinic’s holistic approach will utilize MIT’s expertise in cellular and medical biology, computer science, engineering, and the social sciences, among other areas.
“The health care system has no shortage of data,” said MIT President L. Rafael Reif. “But it has far too little access to the kinds of tools and experts who can translate population-level data into clinical insights that could make it possible to tune care precisely for individuals. Building on MIT’s deep expertise in fields from cancer to neuroscience, and our longstanding connections to Boston’s world-class medical community, J-Clinic offers an accelerated path to creating new technologies that could help make health care more effective everywhere — from villages in developing nations to major teaching hospitals.”
“The J-Clinic will positively impact the world by accelerating the creation of machine learning technologies and algorithms that will make preventing, detecting, and treating disease more precise, affordable, and personalized,” said Anantha P. Chandrakasan, dean of the MIT School of Engineering, and Vannevar Bush, professor of electrical engineering and computer science, who will serve as J-Clinic’s chair. “It will be a truly multifaceted effort that amplifies synergies between the life sciences and the latest research in human and machine intelligence. J-Clinic will inspire innovation for the betterment of humanity.”
“Channeling MIT’s machine learning expertise into health care will transform medical outcomes for people around the world,” said Fady Jameel, president of Community Jameel International. “Health care has been an important sphere of activity for Community Jameel since our earliest days, from founding the first nonprofit hospital for physical rehabilitation in Saudi Arabia, to partnering with the King Salman Center for Disability Research. J-Clinic continues our journey of supporting cutting-edge research and driving innovation in health care, in Saudi Arabia and around the whole world.”