Tihama cuts liabilities to SAR 12 mln post restructuring

Tihama Advertising & Public Relations Co. (Tihama) managed to cut liabilities from SAR 130 million to around SAR 12 million following the company’s restructuring, CNBC Arabia reported, citing CEO and Managing Director, Abdul Kareem Al Mayouf.

“As a next step, we seek to ensure sustainability in our core business divisions, namely advertising and retail,” Al Mayouf said, adding that the company has established new firms in the field of production, content and educational services.

Tihama accounts for 20% of the advertising spending in the Middle East with its strong local and regional portfolio.

He also said that advertising spending in Saudi Arabia reached around SAR 4.1 billion, or 0.18% of gross domestic product (GDP), versus $563 billion worth of the global advertising market, which provides ample opportunities for the sector’s growth.