Pan-Arab newspaper Al-Hayat closed its office in Beirut Saturday in an effort to cut costs and downsize its operations, Agence France-Presse reported.
The Saudi-owned news organization was founded in Lebanon in 1946, and survived multiple bombing attempts before the Lebanese Civil War forced its shut down in 1976.
The newspaper reopened its Beirut offices in 1988, but was quickly bought out by Saudi Prince Khalid bin Sultan.
After 30 years in business, a source told AFP the office closed this weekend as a result of downsizing and “financial reasons.”
“This closure is part of a decision to close all foreign bureaus for financial reasons and transfer the headquarters to Dubai,” the source told AFP.
Al-Hayat has been experiencing changes in its news operation since the beginning of 2018, when the newspaper closed its main headquarters in London and moved to the Gulf.
The newspaper stopped printing in Lebanon, and could soon change its operation to serve readers in the Gulf only, AFP added.
Al-Hayat was founded by journalist Kamel Mroueh, who was later assassinated, as a daily Arabic newspaper.
The newspaper’s Beirut office employed about 100 people.