Bloomberg aligned with vision 2030 values in SRMG deal

Dr. Ghassan Alshibl, MD and CEO of SRMG (R) signing the Agreement with Justin Smith, CEO of Bloomberg Media in Bloomberg’s headquarters in New York. (AN photo)
Updated 22 September 2017
0

Bloomberg aligned with vision 2030 values in SRMG deal

NEW YORK: Bloomberg wants to play a role in the transformation under way in Saudi Arabia under the Vision 2020 Strategy to diversify the economy away from oil dependency, a top executive of the global media and information company said in New York yesterday.
Justin Smith, chief executive officer of Bloomberg Media Group, was speaking after the company signed a deal with Saudi Research and Marketing Group (SRMG), owner of Arab News and other newspaper titles, to launch a multi-platform Arabic-language business and financial news service.
SRMG, which also publishes Al Sharq Al Awsat and Aleqtisadiyah, will be the partner in the region for TV, online, print, and audio content for Bloomberg, which will also stage events in the Kingdom.
“It was logical to go into partnership with a media company in the biggest economy in the region. The transformation as articulated by the Saudi Arabian leadership is an exciting story, and Bloomberg would like to play a role by being an independent, unbiased information provider in the region,” Smith said.
He added that Bloomberg shares the same principles as the policymakers behind Vision 2030: “Free markets, transparency, progress and modernity. Our partners at SRMG also share those qualities.”
Michael R. Bloomberg, founder of Bloomberg and former mayor of New York City, said: “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.”
Bloomberg already has English-language operations in the UAE, with TV studios in Dubai and Abu Dhabi as well as the Middle East version of Bloomberg Businessweek, but this is its first foray into Arabic.
Content will be provided by translation from Bloomberg’s existing English operations, and will also be self-generated by SRMG staff.
“We have set editorial standards which SRMG has embraced. What Bloomberg stands for is self evident in its work. We will operate with the legal media framework of the country where we are, but we will not change our stripes,” Smith said.
Prince Bader bin Abdullah Al-Saud, chairman of SRMG, said the deal would give a boost to the regional media industry. “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,” he added.
Bloomberg has been looking for a regional media partner since the demise of the aborted Al Arab news channel 18 months ago.
“They were good partners, but last year we decided to part ways, and we’ve been talking to different partners for most of this year. Leaning into a local language opportunity was always the next step for us,” said Smith.
“The Middle East is a very important markets for us. Outside North America and Europe we focus on markets that are fast growing. The Middle East has been a great market for our Bloomberg terminals business,” he added.
The Bloomberg/SRMG Arabic operation would be based initially in Riyadh and Dubai, though Smith did not rule out a bureau in Jeddah at a later date.


Information Minister Fawad Chaudhry inaugurates Arab News Pakistan bureau

Updated 16 February 2019
0

Information Minister Fawad Chaudhry inaugurates Arab News Pakistan bureau

  • New office will be hub for Asian operation of paper and builds on relationship with community and its digital generation
  • Arab News launched its online Pakistan edition www.arabnews.pk in February last year as part of its global digital expansion plans

ISLAMABAD: Pakistan Minister of Information and Broadcasting Fawad Chaudhry has officially inaugurated Arab News Pakistan bureau in the country’s capital.

Chaudhry was the chief guest at the occasion and several prominent Pakistani media personalities and Arab News staff also attended the launch ceremony.

Standing side by side with Arab News Editor-in-Chief Faisal J. Abbas, who is in Pakistan as part of the media delegation accompanying the royal visit by Saudi Crown Prince Mohammed bin Salman, and Arab News Asia Bureau Chief Baker Atyani, Chaudhry cut a ceremonial ribbon to open the office.

“I am very happy for two reasons: The perception was building that the newspapers were not coming (to Pakistan), so once an international publication like Arab News (has come here) it certainly gives us a huge boost.”

Chaudhry described how the relationship between the nations was becoming stronger, particularly with the growth of Pakistan’s voice in the Middle East.

‘Secondly, I think this is an era where Pakistan is playing a very important role in the Middle East and to have such a major Middle Eastern publication coming to Pakistan itself shows the kind of importance Pakistan has of the Middle East and vice versa, we are very happy to have you here.’

Editor-in-Chief Faisal J. Abbas thanked the Pakistani information minister for his presence at the inauguration and for the efforts of the Information and Broadcasting Ministry to help facilitate the newspaper’s operations in Islamabad. 

“The inauguration of our Islamabad bureau a year after the launch of our local digital edition is an indicator of our commitment to Pakistan and our determination to help create a better understanding of Saudi Arabia and the region,” said Abbas. 

“Ever since its establishment in 1975, Arab News has had a special relationship with the massive and incredibly loyal Pakistani community in Saudi Arabia. Today we inaugurate this bureau in Islamabad to ensure a continued connection with the community and establish a relationship with a new more digital and highly connected generation,” he added. 

Asia Bureau Chief Baker Atyani said that the new office would be a hub not only for the Arab News Pakistan edition but also for the entire Asian operation of the paper. “We currently have reporters across Pakistan as well as nine other Asian countries and with the help, hard work and dedication of our team at the Islamabad bureau we hope not only to better manage our operation but to grow further in Asia as well.” 

Arab News launched its online Pakistan edition www.arabnews.pk in February last year as part of its global digital expansion plans. The project is the first of many new international editions planned by the Riyadh-based newspaper. 

Arab News is part of the regional publishing giant Saudi Research and Marketing Group (SRMG).