Facebook to launch Dubai office today amid IPO woes

Facebook is looking for new friends in the Middle East, as its performance on the Nasdaq turns increasingly sour. The social media giant is set open its doors in Dubai today, in what will be its first office in the Middle East. Facebook's Middle East and North Africa (Mena) office will be based at Dubai Internet City (DIC), and is expected to sell advertising across the region. Malek Al Malek, managing director at Dubai Internet City, confirmed the launch. "Dubai Internet City is proud to have a young, global company that revolutionised the internet world join our cluster," said Mr Malek. "Facebook already has a penetration of approximately 36.18 per cent in the UAE and a presence of 3.1 million users," he added. "Now, with its regional headquarters based at DIC, Facebook will successfully tap into the ever-growing potential of social media in the region." Facebook is set to make the announcement formally this afternoon at the lavish Armani Hotel at the Burj Khalifa in Dubai. Jonathan Labin will head the Facebook office in Mena, the company said. Mr Labin has worked at Facebook since June 2011, according to his LinkedIn profile. Joanna Shields, vice president and managing director for Facebook in Europe, Middle East and Africa, will also be present at the event, according to insiders at the company. Facebook's launch in the Middle East comes as its share price continues to plummet, after what is being called the worst-performing initial public offering (IPO) in a decade. Shares in the company yesterday fell by 9.6 per cent, and hit a new low of $28.84. It has now lost around $25 billion in market value since listing on the Nasdaq in New York. The IPO has produced the worst five-day return among the 10 largest US deals of the past decade, according to Bloomberg.