Riyadh – Mubasher: Saudi Research and Marketing Group on Wednesday signed an agreement with Bloomberg L.P. to obtain an exclusive licence to launch Bloomberg channel, radio station, digital platform, and business magazine in Arabic at a value of $9 million (SAR 33.750 million) per year for ten years.

This project will be directly funded by the group, Saudi Research said in a statement to the Saudi Stock Exchange (Tadawul).

The Saudi firm will launch a new series of related seminars, prior to completing the required procedures for obtaining licence from Bloomberg, the firm added.

Saudi Research forecasted the financial impact of this deal to show in the fourth quarter of 2017.

Saudi Research’s stock closed Wednesday’s trading session 0.7% down to SAR 70, with a turnover of SAR 33.458 million.