As the world’s largest online professional network and 13th most visited website on the internet, LinkedIn has over 175 million members globally and five million in Middle East.
At present LinkedIn’s stock price is $105 which has grown 133% ($45) since it went public. LinkedIn has been turning a profit since 2010 and now expects total revenue to reach about $915 – $925 million in 2012.
In other news, Facebook plans to expand its workforce in the region. Facebook opened an office in Dubai in May 2012. At present only three employees work at the office. Jonathan Labin, the head of Facebook’s operations in Dubai said recruitment would start “soon” but did not comment on how many new employees the company would hire.
These social media companies are looking to capture the growth expected in the Digital advertising market. The region’s digital advertising market is forecast to be worth US$295 million (Dh1.08 billion) this year, according to the Arab Media Outlook published in April as collaboration between Dubai Press Club and Deloitte.
The boom of social media users in the region has been noticed not only by the local governments but also the Silicon Valley giants.
LinkedIn will give a tough time to the online recruitment agencies and Facebook will try to compete with other online portals for ads.