CAIRO – Yahoo says it will shut down its office in Cairo at the end of this year, laying off all its local employees.
The company said in a statement Wednesday it will close its offices in Cairo as part of its “global efforts to streamline operations … by bringing more (offices) together in fewer locations.”
Yahoo said its employees in the Cairo office will be offered separation packages that “exceed local law requirements.” The company declined to say how many people are currently employed by Yahoo in Cairo.
Yahoo said it will serve its Middle East and Africa markets from its offices in Dubai and Amman, Jordan.
Yahoo Inc., based in Sunnyvale, California, is still struggling to revive its revenue growth even though advertisers are spending more on online ads.