Dubai: Ogilvy & Mather have acquired a majority stake in regional marketing communications firm Memac Ogilvy, it announced on Sunday.
Ogilvy & Mather has held a minority stake in Memac since 1986, two years after the firm was founded in 1984.
“The Middle East and North Africa are areas of unique opportunity in the marketing communications business; this is the right time for us to recognise that, and jointly and aggressively execute our plans to build the network here,” said Miles Young, Worldwide Chairman and CEO of Ogilvy & Mather.
Eddie Mourtran, Memac founder, was elected to the Ogilvy & Mather Worldwide Board following the majority stake acquisition.
“This agreement continues the deep integration with Ogilvy & Mather we have enjoyed since our partnership began … We are one network offering clients in the region the full slate of integrated marketing communications services,” said Moutran, who is also CEO of Memac Ogilvy.
Memac Ogilvy clients include over 150 international, regional and local brands including IBM, Coca-Cola, Arab Bank, Almarai and American Express and employs over 570 people in its 14 offices throughout the region.
