The new company called ICG Saudi Arabia will provide a range of communications and media services in Saudi Arabia, Tihama said in a stock exchange filing on Thursday.
WPP will own 70 percent of the joint venture company and Tihama will own 30 percent. The initial operations of ICG will serve clients through Ogilvy, MediaCom, Mindshare, Wavemaker and Grey. It is envisaged more brands will be added as new opportunities arise, the statement said.
ICG Saudi will provide a new platform for WPP to bring more of its brands into the Kingdom where the media sector is rapidly expanding as part of broader reforms under the Vision 2030 strategy.
“This partnership between Tihama and WPP will contribute to empowering Saudi youth by creating new jobs that respond to the needs of the Saudi market,” Tihama said in the statement.
WPP already serves a wide range of global and local clients in the Middle East and has 100,000 employees worldwide with $17.9 billion in revenues.
The deal is expected to be completed by the end of the year.
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