The Saudi Ministry of Investment (MISA) recently granted Newborn Town a Regional Headquarters license, making it the first social entertainment company to establish its MENA headquarters in Saudi Arabia. This announcement was officially made during an event hosted by Newborn Town in collaboration with MISA in Riyadh, themed "To Connect, Explore, and Thrive Together".
The inauguration ceremony was held on September 26 at the Crowne Plaza Riyadh RDC Hotel, gathering guests including Mohammed Alshabanah, general manager of the ICT Sector from the Ministry of Investment; Alhassan Hamidaldin, general supervisor of the Regional Headquarters Program (RHQ Program); Huang Nailiang, head of the MENA Market from Newborn Town; Song Pengliang, senior vice president from Newborn Town and Lena Chen, Director of Corporate Strategy and responsible for the RHQ in MENA region from Newborn Town.
Established in February 2021, the RHQ Program seeks to attract multinational companies to establish their regional headquarters in Saudi Arabia. As a key initiative under Saudi Arabia's Vision 2030, the program reflects Saudi Arabia's pursuit of economic diversification and is instrumental in driving these ambitious goals forward.
Huang expressed his enthusiasm, stating, "We are honored to receive the permit to establish our regional headquarters in Saudi Arabia, one of our most important markets. We firmly believe that our participation in the RHQ Program will not only help us attract top talents but also pave the way for significant successes in the MENA region.”
Newborn Town is a Hong Kong-listed tech company specializing in social entertainment market exploration. Since 2017, it has focused on the MENA region by diving deep into local users' social and entertainment needs. A full-fledged and dynamic content ecosystem has been built here through Newborn Town's refined localized operations.
In Newborn Town's recently released 2024 interim results, the MENA market contributed over 50% of the company's social networking business revenue. Core products in MENA market have seen a year-on-year revenue growth of 44%, surpassing the growth rates of the past two years.
Beyond its business successes, Newborn Town has remained steadfast in its commitment to fostering significant social impacts throughout the MENA region, especially Saudi Arabia. It is dedicated to fulfilling corporate social responsibilities through different initiatives, such as promoting local talent employment, supporting vulnerable groups like children battling cancer and providing assistance during natural disasters.
Mohammed Alshabanah outlined Saudi Arabia's cutting-edge initiatives to improve its business environment and draw foreign investment, while emphasizing the country's landmark achievements in information technology, the digital economy, and online social entertainment.
Alhassan Hamidaldin highlighted, “Establishing Newborn Town’s Regional Headquarters is an addition to the sectoral diversity of the licensed RHQs, which indicates the strong economy that the Kingdom of Saudi Arabia endures.”
According to Hamidaldin, Saudi Arabia's non-oil revenues have grown to account for 70% since the launch of Vision 2030 eight years ago. He also emphasized that the nation's net foreign direct investment (FDI) has quadrupled, placing Saudi Arabia second among G20 countries in digital competitiveness.
Hamidaldin also revealed that the Kingdom aims to invest over $60 billion in entertainment and amusement industries.
Huang reiterated Newborn Town's commitment to supporting KSA's economic diversification: "Looking ahead, we will continue to delve into the social entertainment market within Saudi Arabia and across other MENA countries. We are excited to grow alongside Saudi Arabia and the broader MENA community, exploring new business opportunities and working together toward a brighter future."
