US-headquartered Bloomberg L.P., world renowned financial software, data, and media firm entered a long-term agreement with Saudi Research and Marketing Group (SRMG) to launch an Arabic multi-platform for business and financial news service.
According to this agreement, SRMG, publisher of Asharq Al-Awsat, Arab News and al-Eqtisadiah, will launch a 24-hour television and radio network, an integrated digital portal and a dedicated digital platform under the “Bloomberg al-Arabiya” brand.
It will also publish “Bloomberg Businessweek” magazine in Arabic and launch a new conference and live events series.
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.
Bloomberg founder and former mayor of New York City Michael Bloomberg said that the Middle East is an important, economically diverse region, and the agreement with SRMG permits the delivery of the sharpest global business and financial insights to a critical audience of business decision makers.
Following the signing of the deal, chairman of SRMG Prince Bader bin Abdullah 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,” he stated.
Prince Badr described the deal as an exciting development for SRMG and a strong progression in the quest to offer the highest quality financial and business journalism from and about the Middle East.
Bloomberg al-Arabiya team will be managed by SRMG with support from Bloomberg, and will draw on Bloomberg’s financial and economic content and data as well as its 2,700 reporters and analysts globally.
CEO of Bloomberg Media Group Justin Smith stated that the partnership with SRMG is a significant milestone in the regional growth story.
“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 localized international presence,” Smith added.
Managing director and CEO of SRMG Ghassan al-Shibl declared that the partnership between SRMG and Bloomberg will expand into the international television business.
With the new era of business and economic transformation in 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, according to Shibl.
“This is the beginning of a new chapter in the history of media and publishing in the region,” he confirmed.
Bloomberg editor in chief John Micklethwait declared that Bloomberg al-Arabiya will enable both associations to build on more than 20 years of news gathering across the Arab world to deliver the best of Bloomberg’s news, insight and analysis.