Facebook to open Dubai office

Popular social network to setup shop in Gulf on back of one of biggest IPOs ever
Facebook is planning to open an office in Dubai Media City according to local reports.
Facebook is planning to open an office in Dubai Media City according to local reports.


Facebook, the social networking company that listed last week in one of the largest initial public offerings (IPOs) in US history, will open an office in Dubai in a bid to boost advertising revenues from the oil-rich GCC.

The social network will open up in Dubai Internet City with an initial staff of three, local media reported citing sources familiar with the plans. The official launch date is slated for May 30.

Facebook is one of the most popular social networking sites in the Arab world. More than half of the UAE’s population is signed up to the site, according to a 2011 report by the Dubai School of Government. Arab Facebook users reached 43m April, according to an Arab Social Media report.

Facebook listed its shares on Friday in the third-largest IPO in US history, valuing the eight-year old company at US$104bn.

But the social networking company’s sky-high valuation coupled with trading glitches has left the stock languishing near its offering price.

Shares in New York on Tuesday closed 8.9% lower at US$31, following an 11% decline on Monday.

The firm has lost more than US$19bn in market capitalisation from its US$38 per share offering price last week.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

Editor's Choice

Emerson expands analytics platform for industrial enterprise-level wireless infrastructure management
Plantweb Insight platform adds two new Pervasive Sensing applications that manage wireless networks more efficiently with a singular interface to the enterprise
Digitalisation seen as a competitive advantage by Middle East private businesses
Nearly 80 per cent of private business leaders acknowledge that digitalisation can impact business sustainability
Etisalat introduces Multi-Access Edge Computing architecture delivering best-in-class video streaming performance for 5G networks
MEC architecture achieves performance gains of as much as 90% in video streaming, validating how ultra-low-latency applications will be delivered over 4G and 5G networks

Most popular

Don't Miss a Story