RIYADH: WPP and Tihama Advertising, Public Relations and Marketing have agreed to establish a new media joint venture in the Kingdom.
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.
WPP and Tihama to form Saudi media joint venture
https://arab.news/cvmwz
WPP and Tihama to form Saudi media joint venture
- ICG Saudi will provide a new platform for WPP to bring more of its brands into the Kingdom
ESG sukuk set to exceed $70bn by 2026 end: Fitch
RIYADH: The global market for environmental, social and governance sukuk is on track to exceed $70 billion in outstanding value by the end of 2026, supported by refinancing needs, funding diversification and sustainability mandates, according to Fitch Ratings.
Momentum in ESG sukuk issuance is expected to continue as net-zero targets, the prospect of lower interest rates and oil prices, and expanding regulatory frameworks encourage issuers across emerging markets, the ratings agency said in a report published this month.
ESG sukuk are structured to finance environmentally and socially sustainable projects, including renewable energy, clean transportation and climate-resilient infrastructure.
Earlier this month, a separate report by S&P Global set out similar views, noting that ESG sukuk issuance is set to accelerate as Gulf Cooperation Council countries step up climate transition efforts and roll out incentives for sustainable practices.
Commenting on the Fitch report, Bashar Al-Natoor, global head of Islamic finance at the agency, said: “We expect ESG sukuk to maintain its solid momentum into 2026, supported by sustainability mandates, net-zero targets, new frameworks, robust demand, along with the upcoming Turkiye-hosted COP31.”
He added: “While evolving Shariah and ESG requirements, geopolitical tensions and greenwashing remain key risks, the credit profile is robust: 92 percent of rated ESG sukuk are investment grade, all issuers have Stable Outlooks, and there have been no defaults.”
According to Fitch, ESG sukuk accounted for around 40 percent of emerging-market ESG debt issuance in US dollar terms in 2025, up from 18 percent in 2024.
Global ESG sukuk issuance rose more than 60 percent year on year to $18.5 billion in 2025, with Saudi Arabia accounting for 33 percent of the total.
Malaysia followed with a 28 percent share, while the UAE and Indonesia accounted for 19 percent and 9 percent, respectively.
Outstanding ESG sukuk reached $58 billion at the end of 2025, representing a 30 percent year-on-year increase.
The report noted that social sukuk are also gaining traction globally, alongside sustainability-linked, orange and climate sukuk.
Recent developments include Pakistan issuing its first sovereign green sukuk and Oman Electricity Transmission Co. SAOC launching Oman’s first ESG sukuk.
Highlighting regulatory progress, Fitch said Malaysia has granted tax exemptions for Sustainable and Responsible Investment sukuk under its income tax rules.
“Saudi Arabia’s Capital Market Authority issued guidelines for green, social, sustainable and sustainability-linked debt, while Qatar’s central bank launched a Sustainable Finance Framework. In addition, the UAE’s central bank has begun developing a Sustainable Islamic M-Bills program,” the agency said.
