CNBC Europe plans Gulf shows

Business and financial broadcaster CNBC Europe has been evaluating the prospect of adding a Gulf-based English language broadcast from Dubai.

The company told Gulf News it had experienced a 100 per cent increase in advertising revenues in the Middle East over the past two years and that its European and US customers were increasingly looking to the region for business and market opportunities.

Gulf News was given an exclusive glimpse of a study — yet to be published — by CNBC Europe, dealing specifically with the GCC and Middle East, which showed that advertising proceeds in the region have more than doubled over the last two years and that inward investment from Europe to the region proved the need for more media coverage of business and financial issues.

"A massive amount of money is now being invested in the region by European companies that want to strengthen their presence here," said Dan McClean, CNBC's commercial director.

"Additionally, over the last 18 months, a lot of money has been invested by regional companies in Europe," he added, citing local businesses such as Dubai Holding, which is investing in Europe, as well as other local companies, such as Emaar, Dubai International Financial Centre (DIFC), all of which are keen to attract global business leaders to the Dubai success story.

"All this is resulting in tremendous growth in our business," said McClean, "and this research will help us to determine the need for and merits of expanding our broadcast operations within the region."

CNBC currently produces a half-hour English programme within its European output, featuring business stories from the Middle East. There is also a live weekly interview in English from the company's Dubai studios, which also feeds into the channel's main European output.

Although McClean would not be pressed on whether the channel had made any final decisions as to launching a live, permanent, English language programme from Dubai, he agreed it was becoming increasingly difficult to ignore: "We, as an organisation, have to respond to our viewers needs for information from the markets they are keen to invest in or grow their businesses in. These viewers are potential investors, CEOs, finance heads and businessmen from Europe."

CNBC's research pointed out that its viewers saw Dubai as a model for the region.

They also viewed Dubai as becoming more of a consumer type economy and the main reasons cited for the increase of interest include growth potential, wealth of the region, clients, local contacts, tax/debt benefits, diversification, oil, high return and, of course a favourable climate.

Results gathered from the research proved that 30 per cent of CNBC Europe viewers were actively interested in investing in the Middle East and an extra 25 per cent of viewers said there is not enough coverage of the region and want to find out more information. CNBC Europe has already increased its coverage of the Middle East to two hours a week.

Additionally, the research revealed that CNBC Europe's audience believed Gulf countries were beginning to open up local markets to foreign investors, and that, if independence and stability is created for foreign investment, it would stimulate demand.

"Qualitative research also identifies key insights into our viewers' perception of the GCC region. They see the region as an investment hotspot; they recognise the influx of foreign investment and have a very positive impression of the future of the region," added McClean.