RIYADH, 14 May 2008 — The Saudi Specialized Publishing Company (SSPC), a subsidiary of the Saudi Research & Marketing Group (SRMG), has bought 51 percent of the UAE’s University Bookshop (UB) for SR71.5 million, it was announced here yesterday.
An agreement in this respect was signed — in the presence of Prince Faisal bin Salman, chairman of SRMG — by Dr. Azzam Al-Dakhil, the group’s executive president. UB specializes in publishing and translating university and school textbooks.
In a statement on the occasion, Prince Faisal said the deal was reached as part of the SSPC’s strategy to expand its investments. “It will meet the growing demand for knowledge-based products required by universities and schools in the region,” he added.
Al-Dakhil said the partnership with UB would lead to further expanding the group’s investment in specialized publications to develop knowledge-based smart, electronic and paper products.
Thamer Saeed Salman, chairman of UB’s board of directors, said the partnership with SSPC and SRMG was a major turning point in his company’s history.
“It was the common vision that brought us together,” he added. Salman signed the agreement on behalf of his company. Muhammad Al-Omar, CEO of SSPC, said the purchase of 51 percent stake in UB gives a new dimension to his company’s investment as the UAE company enjoys big reputation at local, regional and international levels as a result of its cooperation with well-known international publishers.