Tihama Advertising, Public Relations and Marketing Announced that it has agreed on 30 June 2021 with WPP plc to the creation of a new company in KSA to be called ICG Saudi Arabia. WPP and Tihama have agreed to establish a new joint venture company, ICG Saudi Arabia, which will provide a range of communications and media services in the Kingdom of Saudi Arabia through client-facing agency brands. WPP will own 70% of the joint venture company and Tihama will own 30%. The initial operations of ICG will serve clients through the following brands: Ogilvy, MediaCom, Mindshare, Wavemaker and Grey. It is envisaged more brands will be added as new opportunities arise. ICG Saudi will provide a new vehicle for WPP to bring more of its brands into Saudi Arabia, a key market in the MENA region. Marketing and communication is undergoing rapid transformation as part of KSA’s Vision 2030 strategy. WPP and Tihama will be able to contribute towards the success of Vision 2030 using knowledge transfer to help develop and strengthen local talent. 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 by attracting Both genders are young people in the areas of creative transformation, customer experience, marketing, technology, and commerce. Post-completion Tihama will hold 30% of ICG. Tihama’s share of the results of the performance of ICG KSA will be reported in its financials as a share of results of associated company. Any financial impact arising from the transaction will be booked on completion, based on the assets and liabilities at that date, any potential impact cannot be reliably estimated at this time. The agreement is subject to completion of the transfer of legal ownerships and all other required regulatory approvals before the 31st December 2021. There are no related parties in the transaction.