The Hong Kong-listed tech company Newborn Town, in partnership with Saudi Arabia's Ministry of Investment (MISA), hosted an event in Riyadh themed "To Connect, Explore, and Thrive Together." During the event, MISA granted Newborn Town a Regional Headquarters license, making it the first social entertainment company to establish its MENA headquarters in Saudi Arabia.
Held at the Crowne Plaza Riyadh RDC Hotel on September 26, the inauguration ceremony gathered notable attendees, 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 at Newborn Town; Song Pengliang, Senior Vice President at Newborn Town; and Lena Chen, Director of Corporate Strategy and head of the RHQ in the MENA region at Newborn Town.
Huang Nailiang 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 talent but also pave the way for significant successes in the MENA region."
Established in February 2021, the RHQ Program seeks to attract multinational companies to set up regional headquarters in Saudi Arabia. As a key initiative under Saudi Arabia's Vision 2030, the program underscores the Kingdom's pursuit of economic diversification and its ambition to transform into a global investment hub.
Mohammed Alshabanah highlighted Saudi Arabia's initiatives to enhance its business environment, emphasizing its progress in information technology, the digital economy, and online social entertainment.
Alhassan Hamidaldin remarked: "Establishing Newborn Town’s Regional Headquarters adds to the sectoral diversity of the licensed RHQs, underscoring the strength of Saudi Arabia’s economy."
Hamidaldin also noted that since the launch of Vision 2030 eight years ago, Saudi Arabia's non-oil revenues have grown to account for 70% of its economy, and net foreign direct investment (FDI) has quadrupled. The Kingdom ranks second among G20 countries in digital competitiveness and aims to invest over $60 billion in entertainment and amusement industries.
Since 2017, Newborn Town has focused on penetrating the MENA market by addressing the social and entertainment needs of local users. The company has developed a dynamic content ecosystem through localized operations and a diverse product portfolio.
In Newborn Town's recently released 2024 interim results, the MENA market contributed over 50% of its social networking business revenue, with core products in the region achieving a year-on-year revenue growth of 44%, outpacing growth rates from previous years.
Beyond its business achievements, Newborn Town has demonstrated a commitment to fostering significant social impacts across the MENA region, particularly in Saudi Arabia. The company promotes local talent employment, supports vulnerable groups such as children with cancer, and provides aid during natural disasters.
Huang reiterated Newborn Town's dedication to Saudi Arabia's economic diversification: "Looking ahead, we will continue to delve into the social entertainment market within Saudi Arabia and other MENA countries. We are excited to grow alongside Saudi Arabia and the broader MENA community, exploring new business opportunities and building a brighter future together."
