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Media Minister: 2024 Marks Year of Media Transformation in Saudi Arabia

Saudi Minister of Media Salman bin Yousef Al-Dosary outlined key strategic aspects of the media system for the upcoming year. (SPA)
Saudi Minister of Media Salman bin Yousef Al-Dosary outlined key strategic aspects of the media system for the upcoming year. (SPA)
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Media Minister: 2024 Marks Year of Media Transformation in Saudi Arabia

Saudi Minister of Media Salman bin Yousef Al-Dosary outlined key strategic aspects of the media system for the upcoming year. (SPA)
Saudi Minister of Media Salman bin Yousef Al-Dosary outlined key strategic aspects of the media system for the upcoming year. (SPA)

Saudi Minister of Media Salman bin Yousef Al-Dosary expressed on Tuesday optimism about the future of Saudi media, anticipating numerous achievements and transformations across all sectors.

He outlined key strategic aspects of the media system for the upcoming year, detailing various projects and programs set to bring these features to fruition, while announcing 2024 as the "Year of Media Transformation."

"Today, we unveil the strategies for the Year of Media Transformation in the Kingdom, based on four pillars: figures, indicators, passion, and work, guided by a wise vision from the Custodian of the Two Holy Mosques and led by Crown Prince," said Al-Dosary at the opening session of the Saudi Media Forum 3 in Riyadh.

The event was attended by over 2,000 media outlets from within and outside the Kingdom.

Al-Dosary said the Saudi media industry has contributed SAR14.5 billion to the GDP in 2023, projecting an increase to SAR16 billion this year. He emphasized the industry's investment in human capital, which generated 56,000 employment opportunities last year, with expectations to reach 67,000 this year.

He presented three implemented strategies serving as a roadmap for the future of media, fortifying the sector, increasing investment attractiveness, and improving the effectiveness of national cadres. These strategies involve collaboration with over 30 government institutions, shaping the comprehensive strategic direction of the Kingdom's media system.

Al-Dosary discussed the Saudi Broadcasting Authority’s (SBA) strategy, aiming to expand the Authority, enhance business competitiveness, nurture media professionals and talents, and produce outstanding content for international digital platforms. He also highlighted the Saudi Press Agency's (SPA) strategy, focusing on improving its global network, offices, and correspondents while aligning media content with public expectations and contemporary developments.

Additionally, the minister spotlighted noteworthy projects, including the "Media Oasis" coinciding with the Kingdom's participation in major summits and events. This initiative engaged over 2,600 journalists from 60 countries, providing insights into more than 30 national projects. Initiatives, like the "Mediazone", have completed their work or are in the process of developing new editions to stay aligned with creative advancements in media arts and expertise.

Al-Dosary emphasized the significance of the Hajj and Umrah seasons, highlighting the recent launch of the "Hajj and Umrah Mediathon" project. This initiative encourages interested parties and media professionals to compete in developing media initiatives and projects promoting innovative and creative media coverage.

He also announced the initiation of the "Hajj Media Hub" project, aiming to establish an integrated media community and environment to assist media professionals in their coverage. Additionally, there will be an interactive media exhibition showcasing services during the Hajj season. The minister disclosed an anticipated outreach to more than 2,000 media professionals and international visitors.

Moreover, Al-Dosary announced the establishment of the Saudi Media Academy that aims to empower, develop, and train individuals in future disciplines. It also aims to form early and innovative strategic partnerships with major technology companies and global media platforms such as Google, Huawei, Alibaba, and others.

Following the minister's remarks, President of the Saudi Media Forum and Chairman of the Saudi Broadcasting Authority (SBA) Mohammed Al-Harthi delivered a speech highlighting a comprehensive development renaissance witnessed by the Kingdom at all levels and fields. He emphasized that the media serves as a mirror reflecting global changes.

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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.