Newborn Town (SEHK 9911) Joins Saudi Arabia's RHQ Program, Securing Approval to Establish Regional Headquarters in Riyadh
[30 September 2024 - Hong Kong] Newborn Town Inc., a leading global social-networking company('Newborn Town' or Company, Stock Code: SEHK 9911), is pleased to announce that it has been the first social entertainment company to establish its MENA headquarters in Saudi Arabia, with the Regional Headquarters license granted by Saudi Arabia's Ministry of Investment (MISA).
On 26 September 2024, Newborn Town partnered with Saudi Arabia's Ministry of Investment to host an event in Riyadh under the theme 'To Connect, Explore, and Thrive Together'.
Held at Crowne Plaza Riyadh RDC Hotel, this inauguration ceremony gathered guests including Mohammed Alshabanah, general manager of the ICT Sector from the Ministry of Investment; Alhassan Hamideldin, general supervisor of the Regional Headquarters Program (RHQ Program); Huang Nailiang, head of the MENA Market from Newborn Town, and Song Pengliang, senior vice president from Newborn Town.
Huang Nailiang delivered his speech with enthusiasm, stating, 'We are honored to receive the permit to establish our regional headquarter 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.' Established in February 2021 by MISA and the Royal Commission for Riyadh City, 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 (Government program to reform the economic outlook), the program reflects the Saudi Arabia's pursuit of economic diversification and is instrumental in driving these ambitious goals forward.
Saudi Arabia's Ministry of Investment: Newborn Town's arrival aligns with the Saudi Arabia's strategic objective
Alhassan Hamideldin, general supervisor of the RHQ Program, highlighted the significance of Newborn Town's involvement, "The company, which focuses on building content that resonates with over 1 billion users around the world, represents an exciting and rapidly expanding player in the social entertainment sector. Its arrival aligns perfectly with our strategic objective of transforming the Kingdom into a dynamic hub of innovation and technology as well as with our National Investment Strategy."
Newborn Town: The expansion in MENA is set to be boosted while business growth and social values are fostered
Since 2017, Newborn Town has focused on penetrating the MENA market by delving deep into the social and entertainment needs of local users. By now, a full-fledged and dynamic content ecosystem has been built in the region through Newborn Town's refined localized operations, forging a diverse product portfolio, including MICO, YoHo, TopTop and SUGO.
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. Notably, the social APP named SUGO has experienced a revenue growth of over 250%, while TopTop has doubled its revenue, both being highly popular APPs in the MENA market.
Beyond its business successes, Newborn Town has remained steadfast in its commitment to fostering significant social impacts throughout the MENA region, including 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.
Huang Nailiang 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 together with Saudi Arabia and the broader MENA community, exploring new business opportunities and working towards a brighter future.'
About Newborn Town Newborn Town has grown into a leading technology company which was listed on the Main Board of the Hong Kong Stock Exchange (HKEX) in 2019 under the stock code 9911.Committed to creating positive emotional values worldwide, Newborn Town has developed a diverse portfolio of applications in the social networking and entertainment sectors. Its social apps include MICO, YoHo, TopTop, SUGO and HeeSay, together with gaming products like Alice's Dream: Merge Games. These applications have achieved widespread acclaim, reaching over one billion users in over one hundred countries and regions.Newborn Town considers the Middle East and North Africa (MENA) region a key market and has also extended its influence in Southeast Asia, Europe, the United States, Japan, and South Korea. The company aims to become the world's largest social entertainment company.
For enquiries, please contact DLK Advisory pr@dlkadvisory.com
File: Newborn Town (SEHK 9911) Joins Saudi Arabia's RHQ Program, Securing Approval to Establish Regional Headquarters in Riyadh 30/09/2024 Dissemination of a Financial Press Release, transmitted by EQS News. |
