Riyadh, Asharq Al-Awsat- Prince Faisal Bin Salman, chairman of the board of directors of Saudi Research & Marketing Group (SRMG), signed a memorandum of understanding (MOU) with Mohamad Ali Alabbar, chairman of Emaar Economic City, at the SRMG headquarters here yesterday. The accord would spur economic cooperation and joint commercial investment in areas such as organizing conferences and expos, specialized publishing, printing and distribution.

Following the signing ceremony in the presence of the top officials of the group and Emaar, Prince Faisal said, “Since the King Abdullah Economic City project will be noted as a landmark of modern economic progress in the Kingdom, we are proud to sign the MOU with the Emaar Economic City known for its giant strategic investments in local, regional and Arab projects.”

Hailing the Emaar Economic City for its robust foundation and professional investment orientation, Prince Faisal said: “Our collaboration with the real estate company reinforces the strategic orientation of the group as well as its future investment expansion.”

The prince added that the achievements of Emaar since its launching in the late 90’s in developing numerous giant real estate projects and diverse construction works.

Alabbar said Emaar’s joint investment cooperation with SRMG springs from its confidence in the group, which has made giant leaps in media investment not only in the Kingdom but also in the Arab and international arena.

Alabbar added that the achievements of the group in the past years fortified its market position in the region’s media, publishing and distribution industry driven by strategies and ambitious schemes to expand and diversify investments in the areas of printing, publishing, and specialized publications in addition to information technology.

Alabbar also said that the MOU is a step to future cooperation between the group and Emaar in a number of media and investment areas.