Company behind souq.com announces deal in media analytics provider; says further investment to follow
Jabbar Internet Group, the company behind e-commerce venture souq.com, has announced a deal to invest in the Dubai-based News Group, a global provider of media analytics and social engagement solutions.
The deal is likely to be followed by further investment from Jabbar Internet Group and other investors over the next few months, the company said in a statement.
It said the investment will support News Group's organic growth in the fast-growing media intelligence sector in the region and international markets.
"We have watched News Group and its core businesses, including Media Watch, Salience and Social Eyez, for several years," said Samih Toukan, chairman of Jabbar Internet Group. "The company has demonstrated remarkable growth year-on-year and has a loyal customer base of over 1,000 corporate and governmental entities around the world.
He added: "News Group's clear leadership in media intelligence and its fast growing social analytics, engagement and content marketing services are very exciting and we are confident that our investment comes at the best possible time for both Jabbar Internet Group and News Group."
Mazen Nahawi, president of News Group, said: "We are delighted to welcome them as private investors into the company. All invested funds will go to support our growth; we will focus on expanded product development, technology innovation and geographic expansion.
"The financial element is important, but the personal support and contribution of Jabbar's leadership to overall planning and strategic development at News Group will prove invaluable."
News Group, founded in 2002, specialises in the sourcing, distribution, creation, monitoring and analysis of news content in 30 countries across the Middle East, Africa and the Indian sub-continent. The firm owns and operates seven subsidiaries and employs over 300 people.
The global media intelligence industry is currently valued at $4bn globally and is growing 15 percent year-on-year, according to estimates by News Group.
Jabbar Internet Group has launched several internet brands including souq.com, the largest e-commerce company in the region, cashU.com, sukar.com and cobone.com.