Riyadh – Mubasher: The Saudi Research and Marketing Group (SRMG) has announced amending the name of its joint venture (JV) with Bloomberg LP to Bloomberg Asharq from Bloomberg Al Arabiya.

Bloomberg Asharq platform will be located in the Dubai International Financial Center (DIFC).

During a meeting held in Dubai between Peter Grauer, chairman of Bloomberg LP, Ghassan bin Abdulrahman Al Shibl, the SRMG’s chief executive announced the service’s logo that includes Arabic characters with Bloomberg’s global brand recognition.

Bloomberg Asharq will also have studios in Riyadh, Abu Dhabi, Cairo, in addition to regional and international capitals.

“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,” Bloomberg Media Group’s CEO Justin B. Smith said.

The new platform will provide Arabic-speaking audiences with news and analysis on the economies, firms, markets, social and political developments of the Middle East.

Bloomberg Asharq will also include a dedicated digital platform, 24/7 television, and radio network, Bloomberg Businessweek magazine in Arabic, a conference, and live events.

“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,” Alshibl noted.

During September 2017, the Saudi firm inked a deal with Bloomberg L.P. to obtain a licence to launch Bloomberg channel, radio station, digital platform, and business magazine in Arabic at a value of $9 million (SAR 33.750 million) per annum for ten years.