SAUDI ARABIA

Okaz board approves more austerity measures

November 17, 2018
The board of directors of Okaz Organization for Press and Publication meets at the company's headquarters in Jeddah recently.
The board of directors of Okaz Organization for Press and Publication meets at the company's headquarters in Jeddah recently.

Saudi Gazette report

JEDDAH
— The Board of Directors of Okaz Organization for Press and Publication has approved more measures to cut expenditures in the administrative and editorial sections of the company during the quarter ending Dec. 31, 2018.

The board, which met under Deputy Chairman Nabeel Al-Hossain, focused on closely following up and carefully studying the indicators of the advertisement market and its negative impact on the print media.

The board reviewed the size of the organization’s expenditures during the third quarter ending Sept. 30.

The meeting stressed the keenness of the organization to go ahead with its operational plans to maintain continuity and the need to find urgent solutions to the financial crisis faced by the company like most print media institutions locally and internationally.

The board reviewed the mechanisms and procedures adopted by the management to expedite collecting the company’s outstanding dues from various government departments and commercial enterprises.

The meeting urged the company’s officials in charge of collections to prepare schedules and timetables for recovering the dues in order to mitigate the impact of the financial crisis the organization is passing through.

Within its endeavors to promote the organization, the board discussed ways and means to enable the company’s stakeholders to directly or indirectly support its activities by forging working partnerships in various fields.

The board called for promoting these partnerships and making them successful to ensure profitability for both sides. It said these partnerships would constitute a new financial tributary for the organization, which will enable it to bridge the huge deficit in its budget.

The board discussed with Abdulaziz Sahli, director of the National Distribution Company, the difficulties and problems adversely affecting the distribution of Okaz and Saudi Gazette newspapers to subscribers and sales points in various parts of the Kingdom.

The board heard the company’s plans aimed at ensuring timely distribution of the publications to targeted destinations in the upcoming stage.

Sahli reiterated the determination of the company to shoulder its responsibility toward all its client establishments despite its difficult financial position resulting from the inability to collect dues from government departments and private establishments.

The meeting was attended by board members Hamad Al-Qadi, Walid Bin Mahfouz, Dr. Tarik Fadaaq, Dr. Ahmed Al-Youssef, Hussain Shobokshi, Dr. Walid Arab Hashim and Dr. Musallam Bin Musallam, in addition to Walid Jameel Qattan, director general of the company, Editor-in-Chief of Okaz Jameel Altheyabi and Ahmed Al-Batah, the board’s secretary.

Partnerships sought with businessmen to boost company’s revenue


November 17, 2018
985 views
HIGHLIGHTS
SAUDI ARABIA
11 hours ago

Saudi Arabia chosen to chair UN Committee on the Status of Women in 2025

SAUDI ARABIA
12 hours ago

Car agents directed to receive only a portion of price as deposit while booking cars

SAUDI ARABIA
13 hours ago

Punitive measures against more firms for organizing illegal lottery prize draws