RIYADH, 22 February 2003 — Arab News and its sister publication Asharq Al-Awsat will go color on June 1, Prince Faisal ibn Salman, chairman of the Saudi Research & Marketing Group, announced yesterday.
In a statement after chairing a meeting of the company’s board of directors in Dubai on Thursday, Prince Faisal also said that new development measures adopted by the group will strengthen its position as a pioneering media company in the Arab world.
He said that the board’s executive committee, which was set up three months ago, has already achieved a number of major successes, which will not only improve the company’s activities but also strengthen its financial status.
The board meeting reviewed the report on the new organizational structure of the group as well as its sister firms, which had been prepared by the company’s officials over the past months.
“The meeting expressed the hope that these steps will reflect positively on the performance of the group’s companies and publications,” a press statement said.
It added that Prince Faisal presented a detailed report at the meeting on the company’s development plans and future projects which was aimed at improving the performance of SRMG’s sister firms and publications.
“These plans include the start of color printing for Asharq Al-Awsat and Arab News from June 1 at the various international printing centers after the completion of all the necessary arrangements,” the prince said.
The statement said the meeting also reviewed the company’s financial situation during the last fiscal year, which ended in December 2002.
During the meeting, Prince Faisal briefed the board on the major works carried out by the board’s executive committee and the decisions it had taken.
Prince Faisal also welcomed the board members and thanked them for the confidence they had placed in him in taking up the responsibility of managing the company since September last year.
Mohammed Ali Hafiz, a member of the board, said he was optimistic about the group’s future plans, which were endorsed by the board meeting.
He said that he expects the company’s interim period will produce huge financial results in the near future, and that the company’s distinguished board members — including prominent Saudi businessmen — will play an important role in furthering its successes.
Abdullah Bahamdan disclosed that the meeting had adopted a number of decisions related to the group’s future projects. “They will have positive results, especially in boosting its financial position,” he added.
Abdullah Saleh Kamil highlighted the company’s leading position on the media and economic levels and pledged the board’s efforts to further strengthen it.
“The board has started studying and implementing a number of measures which will definitely bring about additional successes and achievements for the group,” he said.
The board meeting was attended by Mohammed Ali Hafiz, Mohammed Hussein Al-Amoudi, Abdullah Bahamdan, Abdullah Saleh Kamil, Saaduddin Al-Hariri, Khaled Al-Olayyan and Abdul Rahman Al-Rowaitie.
Abdul Mohsen Al-Akkas, assistant to the chairman, and Mohammed M. Al-Shibani, executive vice president of the group, were also present.
