Exclusive: Staff unclear on future after agreement was reached on Tuesday
Mediaquest, a Dubai-based media and entertainment company with offices around the world, has bought UAE-based online business news websites AME Info and SME Info, Arabian Business has learned.
Mediaquest has offices in Paris, Beirut, Algiers, Tunis and Riyadh and publishes magazines and websites such as Autocar Middle East, F1 Racing, Marie Claire Arabia, Kippreport.com and Trends.
"The acquisition of both the AME Info and SME Info websites are in line with our growth strategy and commitment to strengthening the position of regional publications. We are delighted to have another feather in our business publications cap," said Alexandre Hawari, co-CEO of Mediaquest, who signed the agreement.
Founded in 1993, AME Info and SME Info combined attract 2.4 million unique users monthly and supplies daily business news and press releases in both Arabic and English.
AME info was previously owned by London-based media group Top Right Group, while CEO Duncan Painter commented: "The AME Info and SME Info websites are successful, well regarded brands with a loyal, daily following. This sale will enable us to invest back into growth initiatives as we continue to create a platform for growth, particularly internationally.”
The AME Info and SME Info will be re-designed and will re-launch in September 2013. It is unclear how this will impact staff currently working at AME info and SME info.