Thomson Reuters buys provider
business intelligence platform Zawya to Thomson Reuters, Economic Times reports.
With this sale, Saffar's investment in Zawya becomes one of the most successful Internet and media investments in the MENA region.
It did not provide deal size or other details. Saffar chairman Al-Quraishi says: “The scope of this sale and the quality of the parties involved underscores the value that can be created when institutional support, founding vision and strong management come together. The sale of Zawya to Thomson Reuters is a testament to the fact that Zawya has become an unsurpassed regional platform.”
Zawya is popular among the Arab world's financial professionals, Al Arabiya News notes. It offers Mideast company information and market data on stocks listed in Arab capitals such as Cairo and Riyadh, Saudi Arabia.
Zawya also carries news from Thomson Reuters' competitor, Dow Jones Newswires, which is part of Rupert Murdoch's News Corp. It is unclear how the deal will affect that relationship. Dow Jones spokespeople could not immediately be reached for comment.
Saffar acquired a majority stake in Zawya in 2001, a year after the online service began operating in London. Zawya later moved its operations to Dubai and set up the Dow Jones partnership in 2006.
Although the price was not disclosed, sources close to the transaction said Thomson Reuters had paid about $40 million for the company, The Nation says.
Zawya has about 200 employees in the region, mainly in Lebanon and Dubai. Russell Haworth, Thomson Reuters' MD for the Middle East and North Africa, said the aim was to grow the business and increase the workforce.
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