Prince Bader bin Abdallah bin Mohammad bin Farhan Al Saud (L) with Mr. Michael R. Bloomberg, founder of Bloomberg L.P. and former mayor of New York City
Bloomberg, the global financial information and news leader, and the Middle East's biggest publishing group, Saudi Research and Marketing Group (SRMG) have signed a long-term agreement to launch Bloomberg Al Arabiya, a new multi-platform Arabic-language business and financial news service.
The publisher of Abouther.com, Asharq Al-Awsat, Arab News, Aleqtisadiah and Sayidaty will produce a 24/7 television and radio network and dedicated digital platform, publish Bloomberg Businessweek magazine in Arabic and launch a new conference and live events series.
The Bloomberg Al-Arabiya platforms will provide Arabic-speaking audiences around the world with news and analysis on the companies, markets, economies and politics shaping the Middle East to help audiences within and interested in the region stay informed as they make key business decisions.
"The Middle East is an important, economically diverse region and our agreement with SRMG allows us to deliver the sharpest global business and financial insights to a critical audience of business decision makers," said Michael R. Bloomberg, founder of Bloomberg L.P. and former mayor of New York City.
"We are very pleased with this promising partnership with Bloomberg. In addition to the many business opportunities this collaboration brings, we believe the partnership will greatly enhance the media landscape in our region. This is an exciting development for SRMG and a strong progression in our quest to offer the highest quality financial and business journalism from, and about the Middle East," adds His Highness Prince Bader bin Abdullah Al Saud, Chairman, SRMG.
Headquartered in the Gulf, the Bloomberg Al Arabiya team will be managed by SRMG with support from Bloomberg, and will draw on Bloomberg's extensive financial and economic content and data as well as its 2,700 reporters and analysts globally.
"Our partnership with SRMG is a significant milestone in our regional growth story, building on the introduction of an expanded suite of new media platforms in the Middle East last year," said Justin B. Smith, CEO, Bloomberg Media Group. "This agreement is an integral part of our strategy of forming partnerships with leading news providers in markets that have a compelling economic growth story, as we look to further expand our localised international presence."
"As one of the biggest media publishing houses in the Middle East, this partnership between SRMG and Bloomberg will see us expand into the international television business. With the new era of business and economic transformation in the Kingdom of Saudi Arabia, such a significant agreement between two leading brands will pave the way for a multi-platform ecosystem of specialized business and financial content of international standards. This is the beginning of a new chapter in the history of media and publishing in the region," said Dr. Ghassan Alshibl, Managing Director and CEO, SRMG.
Bloomberg Editor in Chief John Micklethwait said: "Bloomberg Al Arabiya will enable us to build on more than 20 years of newsgathering across the Arab world to deliver the best of Bloomberg's news, insight and analysis."