DOHA, 10 August – Snap, owner of picture and video sharing app Snapchat, is to establish an office in Doha, as it expands its footprint in the Middle East and North Africa (MENA) region.
Snap, which is listed on the New York Stock Exchange (NYSE), said the creator economy, in which individuals build business opportunities from sharing content on social media, is growing in Qatar and across the region.
The social media company hopes to build on the progress to support continued innovation, a statement on Tuesday said.
Snap’s MENA leadership will oversee the office management and plans to hire a team to run local operations, the statement added.
The company reported a revenue of $1.11 billion for the second quarter, behind analyst expectations of $1.14 billion. The financial results caused the social media company’s shares to fall by around 25% in July. — Zawya
