Breaking: Yahoo Egypt to close down
Internet giant Yahoo! Inc. plans to close its Cairo office at the end of this year, while pledges its commitment to the Middle East and Africa (MEA) audience, the US firm said in a statement issued Wednesday.
The decision “is part of Yahoo’s global efforts to streamline operations, encourage more collaboration and innovation by bringing more Yahoos together in fewer locations, and build a strong global business that is set up for long-term growth,” the statement said.
Yahoo, which competes with Google and Facebook for internet users, said Cairo has been a “good home to Yahoo,” and vowed to treat Cairo employees with respect and fairness through this transition. “We are offering separation packages to all employees which exceed local law requirements,” the statement said.
Yahoo went on to add that the MEA region remains an important market for its operations, and that it will continue to serve users and advertisers across the MEA region with the same products and experiences they have come to expect from Yahoo Maktoob from its main operations in Amman and Dubai.
- Gulfnet collaborates on global cybersecurity platform
- Middle East poised to become an industry leader in 3D printing
- UAE Space Agency, Lockheed Martin ‘blast off’ with professional training program
- Show me the money: Lebanon addresses bank transfer delay problems
- Kuwait to receive French helicopters in $1.1B deal
- Yahoo Maktoob 'reinvents itself', adopts FIFA theme for Middle East audience
- Key talks between Egypt and America break down over protest response
- GCC shares dip down
- US 'deeply concerned' by death sentences in Egypt after Morsi trial
- Obsessed with breaking up conglomerates: how Israel's relationship with its natural resources is putting off investors