Huawei Technologies Co., the Chinese multinational technology corporation, is looking to make Riyadh its headquarters for its growing Middle East operations, according to a report.
The move comes as diplomatic and business ties between Saudi Arabia and China grow.
A final decision hasn’t yet been made by Huawei, the people said. A spokesman for Huawei declined to comment, according to Bloomberg.
Saudi Arabia signed a memorandum of understanding with China’s Huawei Technologies in December on cloud computing and building high-tech complexes in Saudi cities, the government communication office confirmed. During LEAP 2023, Huawei announced a $400-million-dollar investment in a cloud region in Saudi Arabia.
Saudi Arabia announced that from the beginning of 2024, government entities will be restricted from doing business with foreign firms that don’t have regional headquarters in the country, as it looks to attract foreign investment.
Government officials said about 80 companies had applied for licenses to move their headquarters to Riyadh at the end of last year.
