Saudi Research and Marketing Group (SRMG) is a Saudi publisher whose history goes back to 1963 when Al Madina Printing and Publication Company, the group’s precursor, was established. The company runs some of Saudi Arabia’s key newspapers and magazines, and news portals, including Al Eqtisadiah, Asharq Al-Awsat, Arab News, The Majalla, and Urdu News. The company also runs a myriad of publishing and distribution companies as well as advertising and marketing agencies in Saudi Arabia and abroad (UK, Morocco, Kuwait and UAE). In May 2021, the company was rebranded Saudi Research and Media Group.
Media assets
Print: Al Eqtisadiah, Asharq Al-Awsat, Arab News, The Majalla, Urdu News, Sayidaty, Al Jamila, Arrajol, Bassim, Heya; Digital: Asharq News
State Media Matrix Typology: Captured Public/State-Managed (CaPu)
Ownership and governance
SRMG is a joint stock company incorporated in Riyadh and has been listed on the Saudi stock exchange since 2006. It is majority owned by Al Ahli Capital Fund, an investment fund managed by NCB Capital, the asset management arm of the Saudi state-owned National Commercial Bank, which controls a stake of 90% in NCB Capital. The management of SRMG is filled with people loyal to the Saudi government. For example, the current board of directors includes Ahmed bin Aqeel Al-Khatib, the Saudi minister of tourism.
Source of funding and budget
According to company data, SRMG is funded primarily through commercial revenues, mainly ad sales, printing and packaging services, and public relations consultancy services. In 2021, the company had revenues of SAR 3.04bn (US$811 m), up from SAR 2.26bn (US$602 m) a year before. SRMG netted SAR 537m (US$143m), a major increase from the previous year.
In 2023, SRMG reported total revenue of SAR 3.74bn (US$ 997m), a slight increase of up to 1% compared to the previous year. On the other hand, the company’s profits declined by nearly 14% year-on-year to SAR 559m, a result mainly of the drop in revenue recorded by its printing and packaging division.
Editorial independence
SRMG is known for being close to the Saudi government and used as a “soft power” organization to promote Saudi interests in the West. As a result, the government editorially controls the publisher’s media outlets. The company is known to be controlled by King Salman, the Saudi monarch.
No domestic statute or independent assessment or oversight mechanism to validate the editorial independence of SRMG’s outlets has been identified.
July 2024