JEDDAH: 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.