MADINAH, 4 December 2005 — The Saudi Research & Marketing Group (SRMG) and the Madinah Chamber of Commerce and Industry (MCCI) signed a memorandum of understanding last Wednesday to establish a printing company in the city.
Prince Faisal ibn Salman, chairman of SRMG, and Munir Muhammad Saad, chairman of the chamber, signed the accord, which aims at promoting the publishing industry in the Madinah region, a press statement said. “By the end of 2006, a working team will give a complete picture of the project and set out the principles for the partnership of the two sides,” the statement said.
SRMG will have a 51 percent stake in the new company. It also will manage the firm since it is the owner of the Arab world’s largest and most advanced printing facilities belonging to Al-Madina Printing & Publishing Company, an affiliate of the group.
The Madinah chamber will invite strategic investors in the city to purchase the remaining shares. The chamber will market the partnership agreement between the two sides and work to carry out the project as quickly as possible.
Prince Faisal commended the enthusiasm shown by Madinah businessmen in printing and publishing projects, which are vital to the region’s economy. “Madinah requires a specialized company for advanced printing work,” he said, emphasizing the feasibility of the project. He said the new company was part of the group’s efforts to diversify its investments and resources.
In his statement on the occasion, Saad said the printing company project would be a big success as Madinah lacks advanced printing facilities required by commercial, industrial and tourist businesses in the region. “Most companies here are forced to print their materials outside Madinah,” he said. The project will also create a number of job opportunities for young Saudis. He said the Prince Ahmed Bin Salman Institute for Applied Media would train people to be employed at the new press.
Prince Faisal recently visited the Madinah chamber and met a number of its board members as well as heads of specialized committees.