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Apple and Amazon in talks to set up in Saudi Arabia

Apple and Amazon in talks to set up in Saudi Arabia

Another source confirmed Apple was in discussions with SAGIA, the foreign investment authority of Saudi Arabia.

Amazon's talks are led by Amazon Web Services (AWS) its cloud computing segment, which would bring stiff competition to a market that now is dominated by Mobily and STC two local, smaller providers.

According to the sources, a licensing agreement with SAGIA should be in place by the end of February.

Riyadh has been facilitating administrative hindrances for as far back as two years, including limits on outside proprietorship which had long kept financial specialists away, since falling unrefined costs featured the need to broaden its oil-subordinate economy. Around 70% of the country's population is under 30, and as is the case around the world, the young people are highly active on social media.

Amazon's discussions are in prior stages and no particular date has been set for venture designs, they said. Amazon obtained Dubai-based online retailer Souq.com before in 2017, opening access for Amazon retail products to be sold in the kingdom.

More news: Stock with higher future earnings - Taiwan Semiconductor Manufacturing Company Limited (TSM)

While Saudi reform plans call for luring foreign investment broadly across sectors, officials have courted Silicon Valley players especially strongly over the past two years to complement their high-tech ambitions. During a USA official visit in 2016 the Crown Prince visited with executives at Uber, Microsoft, and Facebook.

Saudi Arabia appears to be an ideal market for Apple.

"Amazon entering the Saudi market would be a step-change".

AWS said in September it would set up data centres for the region in neighbouring Bahrain.

If completed, a cloud deal could pave the way for an expansion of Amazon retail warehouses in Saudi Arabia. Details are fuzzy at this time, though sources indicate that both companies have been in talks, with Apple discussing a licensing deal that may see an Apple Store or several launch in the country.


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