Facebook Seeks Advertising In Dubai

Facebook's quest for further advertising is reaching new corners of the globe, as the company prepares to open a new office in Dubai next week.

The draw is the Gulf Cooperation Council, or GCC, which Facebook hopes will supply a bevy of new advertisers from the region. HQ will be established in Dubai Internet City, one of the emirate's free zone business parks, with an initial core of three staff. Digital advertising solutions company Connect Ads will continue to handle business from Egypt, Iraq and Pakistan on behalf of Facebook, reports say.

The news provides a temporary distraction from the company's NASDAQ woes, after shares in New York dropped below $33 in pre-market trading on Tuesday, hitting a new low before their third session on the public market.

The fledgling shares recently traded down 3.8% at $32.73 premarket, 14% below their initial public offering price of $38. The Friday fanfare of monster IPOs and symbolic bell-ringing already seems like a long time ago.

The Dubai move meanwhile, seems to indicate Zuckerberg's Facebook monetisation strategy gravitating ever further towards advertising, advertising and more advertising.

Source: Market Watch