Chinese telecom major Huawei Technologies is reportedly looking to make Riyadh as its headquarters for the Middle East.
The move comes amid a push by the Saudi government to position itself as a regional business hub and growing diplomatic and business ties with China.
Huawei’s presence in Saudi Arabia
The Chinese company, which already has offices in the Saudi capital and other cities across the Middle East, is in talks with Riyadh authorities to upgrade its presence in the country, Bloomberg reported, citing unnamed sources.
A final decision hasn’t yet been made by Huawei.
Bloomberg said a spokesman for Huawei declined to comment.
The Chinese company currently has headquarters for the region in Dubai and Bahrain.
Saudi Arabia announced that from the beginning of 2024 government entities will be restricted from doing business with foreign firms that do not have regional headquarters in the country, as it looks to limit leakage out of its economy and attract foreign investment.
Huawei has been boosting its presence in Saudi Arabia even as the US pushes allies to avoid the Chinese technology firm.
Government officials said about 80 companies had applied for licenses to move their headquarters to Riyadh at the end of last year.
Ties between Saudi Arabia and China have been growing of late, with the two countries signing $50 billion worth of agreements following the visit of Chinese President Xi Jinping to Riyadh in December 2022.
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