Saudi Research and Marketing Group acquires stake in financial media service Argaam
The Saudi Research and Marketing Group (SRMG), one of the largest media conglomerates in the Middle East, has acquired a controlling share in the Argaam Investment and Trading Company, which runs an online economic and financial information service.
SRMG acquired 51 percent of Argaam for SR37.5 million, according to a statement from the company.
The Saudi-based Argaam launched its Arabic-language flagship product, Argaam.com, in March 2007. The site is now the Arab world’s leading financial news portal, and provides a diverse audience with real-time updates on financial markets and macroeconomics in Saudi Arabia.
The acquisition is in line with SRMG’s aim to expand its operations in the specialized media content industry, at a time when Saudi Arabia is diversifying its economy and opening up to more foreign investment.
Economic diversification is a key part of Saudi Arabia’s National Transformation Plan (NTP) 2020 and Vision 2030 reforms.