The funding will be used for business growth and diversification. New projects dealing in eCommerce and web services will be revealed within the coming months. The Company has secured the financing from existing investors and shareholders.
The lead investor in this round is HRH Prince Alwaleed Bin Talal Bin Abdul Aziz supported by other leading investors.
Arabia Online has also announced the appointment of Mr. Khalid Juffali as the new Chairman of the Board of Directors, replacing Mr. Iyad Duwaji who will actively remain on the Board.
The new Chairman announced the company's plan to further strengthen the Dubai operation of Arabia Online by increasing the technical, marketing and support staff. The Amman office, on the other hand, will continue to operate and provide the sales and marketing presence and the business partner links for project outsourcing. Additionally, the company announced the setup of a permanent sales and marketing operation in the Kingdom of Saudi Arabia.
"These are exciting times and with the new plan to diversify into different technologies, the Company expects to attain profitability this year," explained Mr. Juffali, the Company's Chairman.
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Arabia Online closes a new round of funding and elects Khaled Juffali as its Chairman
- United Arab Emirates: Thursday, March 27 - 2003 at 13:11
- PRESS RELEASE
Arabia Online has announced that the Company has successfully closed a new round of funding.
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About Arabia OnlineArabia Online owns arabia.com, the first portal to be launched in the Arab world in 1995. With its headquarters in Dubai Internet City, UAE, the company offers services targeted at the Arab world and the broader international community interested in the Arab world. Arabia Online has operations in Dubai Internet City, Jordan, Saudi Arabia, and across the region. The arabia.com portal combines communities, content and search services and is regarded as the leading Arab world Internet site. arabia.com's extensive bilingual Arabic and English services and strategic content and distribution partnerships strongly differentiate it from other local or international Internet services catering to the Arab world.
For further information, please visit Arabia Online web site at: http://www.arabia.com
Arabia Online Limited
T: (971-4) 391-5400
F: (971-4) 391-5440
Attn: Ghadeer Khoury
Posted by Anne-Birte Stensgaard, News EditorThursday, March 27 - 2003 at 13:11 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Mon Sep 18 2006.
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