Publishing firm to close at the end of April

By Joanne Bladd
  • Monday, 20 April 2009 12:04 PM
  • Share via facebook
  • Tweet this
  • Bookmark and Share
JOB CUTS: Dubai-based DIT Group is to close its magazines by the end of the month, says a senior source.

JOB CUTS: Dubai-based DIT Group is to close its magazines by the end of the month, says a senior source.

Dubai’s DIT Group on Monday confirmed the publishing house will close down all its operations at the end of April.

Rumaiz Mohideem, acting general manager and head of finance at DIT Group, told Arabian Business all 40 of the firm’s employees were laid off on Sunday.

“We are ceasing operations in total across the whole group, the entire thing; the publishing, the events and the online operations completely,” he said.

The move confirms DIT Group, the publisher of Forbes Arabia, as the first significant publisher in Dubai to shut its doors amid the global downturn.

The details of employees’ redundancy packages were yet to be confirmed by DIT’s parent company, Dabbagh Group, Mohideem said.

“Nothing has been confirmed yet [on redundancy deals]. Our parent firm is planning a compensation package, but that’s a head office decision.”

Mohideem said low advertising sales were not wholly to blame for the firm’s closure and hinted the move was part of a wider shake-up at DIT’s parent firm Dabbagh Group.

“The decision came from our head office. It [advertising] is not the only reason, in terms of the economy, that is not the real reason.

“Head office is part of a large group, so it is their decision to close shop at any of their firms.”

A source at DIT said that staff had known redundancies were likely, but were surprised to see the firm fold completely.

“We knew that it had been in the works for quite some time,” the source said. “It’s not a massive shock but it is unfortunate as we felt the magazines were doing quite well in the market.”

The news follows a string of job cuts among UAE publishers, many of which have been linked to the region’s weakened advertising market.

Emap Middle East, the owner of MEED and AME Info, last month laid off 19 of its 160 employees, while ITP cut 60 jobs earlier this year.

Related:

Also in Media

LIVE: The 8th annual Arabian Business Forum

Doha set to launch two new film festivals

Also in UAE

Education, jobs must be MidEast priority - UAE min

Work set to start on $47m Abu Dhabi bus depot

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Barney Stinson Thursday, 30 April 2009 9:51 AM[UAE] - UAE

...is that 80% of the publications out here don't focus on the reader, and making the best read possible, they focus on making as much money in the short-term as they can. Magazines are vastly understaffed and have to work with tiny freelance budgets so you can't expect the quality that the titles and readers deserves.

Reply to this comment.

Posted by: mn Tuesday, 28 April 2009 10:33 AM[UAE] - uae

Another mediocre publishng company shuts down. In the bid to copy paste everything written in international magazines and securing mindless advertising, the editors of the these magazines forgot one thing, attracting readership!

Reply to this comment.

Posted by: gregm Sunday, 26 April 2009 3:27 PM[UAE]

It is unfortunate when any businesses in our industry fail. Especially the workers and their families. Forbes Arabia was a good title. Any word on who will be picking it up? Greg Millard

Reply to this comment.

Posted by: Al Saturday, 25 April 2009 7:23 PM[UAE] - UK

The company was run down by a string of lousy clueless managers. One of the company's short-lived GMs ripped off the company dearly in the early 2000s, another doubled salaries while the company was laughingly under performing in the 1990s. Indeed it should have been shuttered before 2000. Their accumulative losses must have exceeded Dhs 70 million by now.

Reply to this comment.

Posted by: Faisal Al Hammadi Tuesday, 21 April 2009 12:57 PM[UAE] - UAE

For me DIT was not doing well for the last few years. for example PC magazine (Arabic) became an outdated in addition to uncountable spelling mistakes. In the other hand, FORBES is unlike PC magazine, and I hope it will continue with another publisher very soon. Hope that all staff will have another chance and challenge and hope to them successes in managing them self and their families.

Reply to this comment.

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearingTerms and conditions

Further reading

Get E-Mail Alerts

Arabian Business Power 500 2013 - Top 5 from Construction »

Bakr Binladin  Khaldoun Tabari  Said Khoury  Fatima Al Jaber  Mubarak Al Suweiket 
View complete list
Features & Analysis
The world's most influential Arabs: Power defined

The world's most influential Arabs: Power defined

Putting together a list of the world’s most powerful Arabs is...

How I did it: Sohaib Awan

How I did it: Sohaib Awan

The founder of Jabal Entertainment explains how he is helping...

Has Twitter cracked the mobile market?

Has Twitter cracked the mobile market?

Technology giants such as Apple and Facebook have seen their...

Most Popular
Most Discussed
  • 34
    Are there too many Brits in the UAE?

    Could you imagine what would happen if a large proportion of the educated, professional worker population suddenly left (let alone the domestic workers... more

    Friday, 24 May 2013 1:26 PM - Khalid
  • 9
    Euro leagues could challenge Qatar 2022 in court

    I was in Qatar yesterday and I had a good chuckle to myself about it all. There are three possible outcomes - all of which will be a monumental mess. ... more

    Thursday, 23 May 2013 3:35 PM - Steve
  • 5
    Kuwait's traffic chief defends expat deportations

    Sadly, The cops don't even understand English & they are not willing to listen to anything. They do as they like, It is my wish that wherever the citizens... more

    Friday, 24 May 2013 6:02 PM - Expat in Kuwait
Read all user comments »
  • 45
    Dubai labourers stage rare strike for more pay

    As much as I love the UAE, this will be a problem for them in the future. Lets look at this from any democratic Country on Earth. If I decided not to turn... more

    Wednesday, 22 May 2013 11:56 AM - Ty Say
  • 34
    Are there too many Brits in the UAE?

    Could you imagine what would happen if a large proportion of the educated, professional worker population suddenly left (let alone the domestic workers... more

    Friday, 24 May 2013 1:26 PM - Khalid
  • 28
    Bahrain MPs vote to ban pork in kingdom

    If one wants to visit or live in Bahrain one must abide by the laws. Living without pork is no huge sacrifice. Muslim and Jewish nations subscribe to this... more

    Saturday, 25 May 2013 6:05 PM - Jeffrey Kershaw
Read all user comments »
Read all user comments »