DUBAI: Rani Raad, the former president of CNN Commercial Worldwide, has been named CEO of International Media Investments, which is the parent company of organizations such as The National and CNN Business Arabic, according to Variety magazine. He will succeed Nart Bouran, who was appointed to the role in March 2020. Raad, in a statement to Variety, said: “Our ambition is crystal clear: to build IMI into a forward-thinking global media powerhouse.” “With the way the MENA (Middle East and North Africa) region has developed over the last few years, it is now the right time to play a bigger role in the global media sector.” Raad was appointed as president of RedBird IMI in July, a joint venture investment platform focused on global media entertainment, sports and news content properties. He joined RedBird Capital Partners as an operating partner at the same time. Raad earlier this year left his role as president of CNN Commercial Worldwide — a global position the company introduced for the first time when he assumed it. John Defterios, former CNN emerging markets editor and anchor, said at the time that “all of the feature programming, plus the bureaus/content hubs in the Middle East, are a product of a vision (Raad) created over a quarter century at the network.” He added: “One could certainly make the case (that) it is his work that put the rising economies (of) the MENA region on the global map.” Raad first joined CNN’s parent company Turner Broadcasting, New York, in 1998, and within five years he was promoted to vice president for regional advertising sales in the Middle East, Africa and Southern Europe. He was appointed president of the CNN International Commercial Group, London, in February 2016, after leading the company as its executive vice president and chief commercial officer following its creation in 2013. He was named president of CNN Commercial Worldwide in May 2020. He worked closely with the sales department of Warner Media, oversaw CNN’s distribution activities globally, led the company’s business operations outside America, and maximized the news network’s business potential. In recognition of his contribution to the media industry, including the initiation of CNN’s programming sponsorship initiatives “Inside the Middle East,” “Marketplace Middle East,” “Business Traveller,” and “Eye On” series, the World Economic Forum named Raad a Young Global Leader in 2011. Arabian Business named him among the world’s most influential Arabs in its Power 500 list in 2013, ranking him 71st, and listed him in 2015 as the 13th most influential Arab under 40. Prior to that, Raad was shortlisted in 2010 for Media Professional of the Year at the Festival of Media Awards in Valencia. Abu Dhabi-based media group IMI’s portfolio of digital-focused assets includes The National, Al Ain News, and CNN Business Arabic. It also has interests in Sky News Arabia and Euronews.