AMEinfo Website Acquired By Mediaquest Group

UAE-based business news websites AMEinfo and SMEinfo have been acquired by publisher Mediaquest, it was announced.

Financial details of the transaction were not revealed.

The sites, which attract more than 2.4 million unique users monthly, were previously owned by the Top Right Group.

Duncan Painter, CEO, Top Right Group, said: “The AMEinfo and SMEinfo 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.

“We will continue our growth focus on MEED, our leading subscription content and events business in the Middle East and other fast-growing international territories.”

AMEinfo was founded in the UAE in 1993 and offers English and Arabic daily news wires, editorial columns, features, reports, video and radio features.

SMEinfo is an online English resource for information relating to SMEs.

The two sites will be re-designed and will re-launch in September 2013, Mediaquest said in a statement.

This is the second major transaction involving online news media in recent months. Zawya, an online business intelligence platform operating in the MENA region was bought by international business news agency Thomson Reuters for an undisclosed amount in June last year.

Saffar, a financial investment group that had the majority stake in Zawya, led the sale.

“We are very happy with the transaction,” Micheal Hewitt, CEO of Saffar Capital told Gulf Business at that time.