Dubais free newspaper 7DAYS is set to close down by the end of the year. It is wholly-owned by the UKs Daily Mail & General Trust.
The closing down of 7DAYS is set to result in 120 job losses at the newspaper, which was launched as a weekly in 2003 and moved to a daily in 2005.
The current trading environment and future global outlook for print advertising remains severely challenged. Whilst it was our stated intention to re-focus and restructure the business for 2017 and beyond, it has since proved not possible to create an acceptable cost base that could deliver a viable and sustainable business, Mark Rix, CEO of 7DAYS Media, was quoted as saying in a statement.
The newspaper will also be shutting down its website at the end of the year.
Earlier in November, the state-owned Abu Dhabi Media Company (ADM) announced the sale of The National newspaper. The paper has been sold to International Media Investments (IMI), a subsidiary of private investment firm Abu Dhabi Media Investment Coproration (ADMIC).
The value of the transaction was not revealed and it unclear if any job losses will be caused by the sale.