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.com, according to reports.
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,” according to Arab News, which is also owned by SRMG.
“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.
Dr. Al-Shibl is also chairman of Saudi Arabian Airlines Corporation (Saudia).
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, according to Arab News.
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.
