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Bloomberg and Saudi Research and Marketing Group set up Bloomberg Asharq

From left: Peter Grauer, Chairman of Bloomberg L.P., and Dr. Ghassan Alshibl, Chairman, SRMG.

Following the announcement made last September by Bloomberg and Saudi Research and Marketing Group (SRMG), the Middle East-based publishing group, to launch Bloomberg Al Arabiya, a new multi-platform Arabic-language business and financial news service, Bloomberg and SRMG have announced that the news service has been renamed to Bloomberg Asharq.

Peter Grauer, Chairman of Bloomberg L.P., and Dr. Ghassan Alshibl, Chairman, SRMG, met in Dubai to officially announce Bloomberg Asharq. They also unveiled the platform’s logo, which incorporates Arabic characters with Bloomberg’s global brand recognition. Bloomberg Asharq will be headquartered in the U.A.E., with the main operation in the Dubai International Financial Centre (DIFC). Bloomberg Asharq will also have a major presence in Abu Dhabi, Riyadh, and Cairo, with studios in each city, along with extensive presence and coverage in key regional and global capitals, the release stated.

The Bloomberg Asharq team will be managed by SRMG, which also publishes more than 12 publications, including the daily Asharq Al-Awsat, Arab News, Aleqtisadiah, among others, with support from Bloomberg’s financial and economic content and market data as well as news from its 2,700 journalists and analysts globally.

Commenting on the partnership, Justin B. Smith, CEO, Bloomberg Media Group, said: “This is an exciting new development as we move forward in our partnership with SRMG, as this multi-platform agreement is the most ambitious of its kind. It is partnerships like these that allow us to strengthen our presence in key growth markets, and this expansion across the Middle East is the latest development as part of our strategy to invent our way forward to become the most modern global media company.”

Dr. Ghassan Alshibl, Chairman, SRMG, added: “This partnership will elevate news in the region to new levels, and will allow us to provide Arabic-speaking audiences in the region and beyond with the most up-to-date and relevant news as they make key investment decisions, and as the region continues its economic diversification. We are proud to use “Asharq” (Orient) in the name of this platform, to reflect the interest in the rapidly growing region.”

Bloomberg Asharq platforms will provide Arabic-speaking audiences around the world with news and analysis on the companies, markets, economies, social and political developments shaping the Middle East. This includes a 24/7 television and radio network and dedicated digital platform, Bloomberg Businessweek magazine in Arabic and a conference and live events series.