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The financial services and investment group, Saffar, today said that it has sold its local provider of online business intelligence platform, Zawya Ltd, to Thomson Reuters.
It did not provide deal size or other details.
Mr Al-Quraishi, the Chairman of Saffar, said, “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 boasts of enabling over 750,000 unique visitors per month to find and connect with the best business and investment opportunities in the Middle-East and North Africa (MENA) region.
Mr Yousef Ihsan Jawad, the Vice Chairman of Zawya, said, “As entrepreneurs, we are proud to have founded and built one of the leading internet companies in the Middle East.”
Arma Partners acted as the exclusive financial adviser and SNR Denton and Maples & Calder acted as the legal advisers to Saffar on the sale of Zawya.
Founded in 2001, Saffar encompasses investments in financial services and telecom across the MENA region.
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