Saudi Research and Media Group (SRMG)

Saudi Research and Media Group (SRMG) is one of the Middle East’s largest integrated media companies. Its corporate roots reach back to the Saudi Research and Publishing Company, established in 1972, and to early publishing ventures including Arab News, launched in 1975, Asharq Al-Awsat, launched in London in 1978, and The Majalla, launched in 1980. The group was legally established in its present corporate form in 1987, converted into a Saudi joint-stock company in 2000, and listed on the Saudi Exchange in 2006.

Over the decades, SRMG has grown into a regional media heavyweight, publishing several of Saudi Arabia’s most prominent newspapers, magazines and digital platforms, including Asharq Al-Awsat, Arab News, Al Eqtisadiah, The Majalla, Sayidaty, Urdu News, Argaam, Al Riyadiyah and others. Beyond publishing, it operates advertising, distribution, research, events, production, audio, digital, educational and content-licensing arms in Saudi Arabia and internationally. In May 2021, the company changed its name from Saudi Research and Marketing Group to Saudi Research and Media Group, signalling its ambition to become a diversified multimedia and content group.

Media assets

Print and digital: Asharq Al-Awsat, Arab News, Al Eqtisadiah, The Majalla, Urdu News, Sayidaty, Al Jamila, Arrajol, Bassim, Hia, Al Riyadiyah, Independent Arabia, Manga Arabia, Billboard Arabia

Digital, audio, financial and visual platforms: Asharq News, Asharq Business with Bloomberg, Argaam, Thmanyah

Advertising, production and services: SRMG Media Solutions, SRMG Studios, SRMG Labs, SRMG Academy, SRMG Think, SRMG X

Operated/managed channel under contract: Al Thaqafeya, the cultural television channel affiliated with the Saudi Ministry of Culture

Ownership and governance

SRMG is a Saudi joint-stock company headquartered in Riyadh and listed on the Saudi Exchange under the symbol 4210. Its ownership structure has long placed it within a state-linked financial and political network. Public and market disclosures have historically identified Al Ahli/SNB Capital-managed investment funds as controlling shareholders in the company. Those funds are managed by SNB Capital, the asset-management arm of Saudi National Bank. Saudi National Bank’s financial disclosures identify the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, as its ultimate controlling party. This ownership chain places SRMG within a state-linked financial structure even though the company is publicly listed and commercially operated.

The group has also long been considered close to the Saudi government. Members of the ruling family have chaired it in the past, and its leadership and board include figures connected to the kingdom’s political, financial and media establishment.

The company’s board is chaired by Abdulrahman Ibrahim Al-Ruwaita. Jomana R. Alrashid has served as Chief Executive Officer since October 2020 and is also a board member. Current board and executive disclosures list a mix of non-executive, executive and independent directors, but no independent editorial-governance structure exists for the group’s media outlets.

During the 2025/26 cycle, SRMG deepened its institutional ties to state-linked bodies. In August 2025, it signed a strategic memorandum of understanding with Diriyah Company, a Public Investment Fund entity, to expand media collaboration and support Diriyah’s cultural and national narrative-building. In April 2026, SRMG announced two framework agreements with a Saudi government authority. That same month, it was awarded the contract to operate and manage Al Thaqafeya, the cultural television channel affiliated with the Saudi Ministry of Culture.

A further major development was the expansion of SRMG’s role in sports broadcasting and streaming through Thmanyah. In 2025, Thmanyah, an SRMG subsidiary, was awarded exclusive broadcast rights in the Middle East and North Africa for the Custodian of the Two Holy Mosques Cup, the Roshn Saudi League, the Saudi Super Cup and the Saudi First Division League from the 2025/26 season through 2030/31, with a total licence value of SAR 2.32 billion payable over six seasons. In May 2026, SRMG announced arrangements for its wholly owned subsidiary Arab Media Company to increase its stake in Thmanyah from 51% to 75%, alongside additional financing to support the platform’s operational development.

Source of funding and budget

SRMG’s revenues derive primarily from commercial activities, including publishing, digital content, advertising, public relations, printing and packaging, distribution, research, events, branded content, production and platform services. Its financial transparency is stronger than that of many state-aligned media groups in the region because it is publicly listed and publishes regular financial statements. The group does not, however, operate at arm’s length from the state, given its state-linked ownership chain and its expanding portfolio of government, PIF-linked and ministry-related contracts and partnerships.

SRMG’s financial performance deteriorated sharply in 2025. For the year ending 31 December 2025, the group reported total revenue of SAR 2.673 billion, down from SAR 3.263 billion in 2024, and a net loss attributable to shareholders of SAR 366.3 million, compared with a net profit of SAR 201.7 million in 2024. The decline reflected weaker performance across several business areas, especially public relations and advertising, printing and packaging, and other activities, while the publishing, visual and digital content segment increased external revenue but moved from profit into loss. The printing and packaging segment also absorbed most of the group’s impairment charge during the year.

The first quarter of 2026 showed some recovery, with SRMG reporting revenue of SAR 769.6 million and net profit attributable to shareholders of SAR 33.1 million for the three months ending 31 March 2026. The group’s medium-term financial position will also be shaped by new state-linked contracts, the Al Thaqafeya mandate, and Thmanyah’s Saudi football broadcast rights and financing commitments.

Editorial independence

SRMG’s editorial line is widely seen as aligned with Saudi state interests, both domestically and abroad. Its outlets consistently reflect official narratives, project the kingdom’s policy priorities and avoid critical coverage of Saudi leadership, governance or core state policy. The group plays a central role in Riyadh’s regional soft-power strategy and international image-building, particularly through English-language, international and business platforms such as Arab News, Asharq News and Asharq Business with Bloomberg.

While SRMG is a publicly traded company, no legal framework or independent regulatory body safeguards the editorial independence of its outlets. There is no public record of an independent editorial charter, ombudsperson or external watchdog mechanism capable of monitoring compliance with journalistic standards or protecting editorial decisions from state, owner or political influence.

AI and digital policy

SMM found no evidence that SRMG has published a dedicated public AI governance or editorial-use policy as of mid-2026.

The group has, however, pursued substantial digital, data-driven and AI-related expansion. SRMG Media Solutions was launched in 2025 as a data-driven advertising and audience business designed to connect advertisers with audiences across digital, social, television, audio, print and experiential media. Its public materials emphasise proprietary first-party data, AI-driven audience segmentation and personalised advertising. SRMG has also developed digital and broadcast platforms including Asharq News, Asharq Business with Bloomberg, Argaam, Independent Arabia, Manga Arabia, Billboard Arabia and Thmanyah.

The April 2026 contract to operate and manage Al Thaqafeya also includes an explicit AI and data component. SRMG stated that the next phase of the channel would use artificial intelligence tools and data analytics to better understand audiences and develop content, while strengthening the channel’s digital presence. Thmanyah’s acquisition of exclusive Saudi football broadcast rights further expands SRMG’s role in digital-first streaming, sports coverage and audience-data-driven distribution.

These developments demonstrate significant digital, advertising, data and AI capability across SRMG’s production, distribution, monetisation and audience operations. However, they do not establish a public editorial AI policy. SMM identified no public framework governing the use of AI in editorial decision-making, verification, attribution, synthetic-media labelling, source transparency, bias mitigation or human editorial oversight.

Classification rationale

SRMG is classified Captured Public/State-Managed (CaPu), a classification maintained from prior SMM cycles. It is a commercially operating, publicly listed company rather than a government department, but its controlling ownership runs through state-linked financial institutions ultimately connected to the Public Investment Fund. Its editorial output aligns with official Saudi positions, and no independent statutory or oversight mechanism safeguards its autonomy. During the 2025/26 cycle, SRMG expanded its state-linked role through partnerships with Diriyah Company, framework agreements with a Saudi government authority, the Ministry of Culture-linked Al Thaqafeya contract, and Thmanyah’s Saudi football broadcast rights. These developments deepened the group’s strategic importance within Saudi Arabia’s state-aligned media ecosystem without introducing safeguards for editorial independence. SRMG therefore remains firmly in the CaPu category.

June 2026