Facebook to open an office in Dubai
- United Arab Emirates: Wednesday, May 23 - 2012 at 12:15
US-based social networking site Facebook, which recently launched one of the largest initial public offerings in history, is opening an office in Dubai aimed at generating advertising revenue from the region.
Since launching eight years ago, Facebook has emerged as one of the most popular social networking sites in the Arab world. According to recent data from global social media firm Socialbakers, Qatar has the highest penetration rate in the Middle East (and fifth highest of any country in the world), with 65.45% of its population on Facebook, followed by the UAE at 64.66% (7th highest in the world). Jordan is third in the region (and 74th in the world) at 34.26%.
Egypt has the largest number of Facebook users in the region, with over 10.74 million, despite having a relatively low penetration rate (13.35%). Saudi Arabia has the second most users (5.3 million) in the region, with a penetration rate of 20.88%.
Last week Facebook listed its shares on the Nasdaq in New York in the third-largest IPO in Wall Street history, raising $16bn. The flotation valued the company at $104bn.
However, concerns about Facebook's valuation and long-term prospects were hightened recently when General Motors pulled its $10m advertising budget from the site, and Facebook has seen its share price tumble since the offering.
Facebook's shares closed 8.9% lower at $31 on Tuesday, following an 11% drop on Monday.
The firm has seen its market capitalisation fall more than $19bn from its $38 per share offering price last week.
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / 4C. AME Info FZ LLC / 4C is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.