Shoof, the outdoor advertising arm of the Arab Media Group, along with Ströer Concept Outdoor have pulled the plug on the out-of-home group, Ströer Concept Shoof.

Chairman of Concept Group, Aldrin Fernandes said the company was “put on hold” due to the current economic climate. This venture would have required a significant amount of investment. Given the current economic climate, such an investment is not viable.”

He said the decision was taken on March 1. “This was a business decision and based on our company figures due to the current market climate. We intend to revisit this opportunity in future when the economic situation normalises and when we have greater certainty that a new company will be profitable,” he said.

Fernandes said they would review their decision once the market stablised.“We will re-examine it towards the close of Q4 this year,” he said.

Fernandes added that the two companies did not have any projects pending under the joint company, which meant that it was viable for the company to be put on hold. “Considering that there were no joint projects, there has been no direct impact due to our decision. It has, however, delayed our growth projection plans,” he said.