Aug 16 2010
I knew it. BNI has been saying there had to be a financial motive for Michael Dhimmi Bloomberg to spit in the faces of millions of Americans who are adamantly opposed to the Ground Zero Victory mosque and for which Bloomberg has shown his undying support..
The NationalSpurred by a recent boom in sales in the region, Bloomberg is expanding its Dubai office into a regional hub, a move that will as much as quadruple its local staff over the next year.
Max Linnington, the company’s newly appointed regional head of Middle East and South Asia, announced the expansion today in advance of a panel discussion with economists and dignitaries in front of the Dubai International Financial Centre’s iconic The Gate building, where Bloomberg has had offices for two years.
“We are going to be bringing all the elements of what you would find in one of Bloomberg’s largest offices here in Dubai,” he said. The company has had a presence in Dubai for a decade. d.
The decision to expand was prompted by strong regional sales of its terminals. “The region for us has seen explosive growth,” he said. “For example, last year in the UAE, we grew our core business by 61 per cent. And already this year, we exceeded what we achieved in all of last year in the UAE. So we are selling a lot of Bloomberg terminals, basically.”
The company has also been developing an Islamic finance portal, which Mr Linnington said would be helped by having more people on the ground building relationships.
“Particularly since the meltdown of the western capitalist system, there has been an increasingly large focus on the virtues of Islamic finance,” he said. “Today, there is no one single provider of information that caters to the Islamic finance market. So by Bloomberg being here, we are in the process of building out an Islamic finance product. We are very confident that we can build a product that meets the needs of the market right now.”
The company services about 300,000 terminals worldwide, bringing in about US$5 billion (Dh18.37bn) in annual revenues, he said. It has news bureaus throughout the GCC, including in Bahrain and Kuwait, and is in the process of opening offices in Saudi Arabia and Qatar. A news bureau was also planned for Abu Dhabi, he said.
The new regional hub will cover the GCC, Iraq, Jordan, Lebanon, Egypt, Afghanistan, Pakistan, India, Sri Lanka, Bangladesh and Nepal.
But while Bloomberg is boosting numbers in the Gulf, hundreds of media jobs are being made redundant in the US as the global financial crisis continues to take its toll on the media industry in the West.