Riyadh: The Chinese company, Huawei Technologies, is looking forward to choosing Riyadh as its main headquarters in 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.
According to sources indicated to Bloomberg, the Chinese company is in talks with the authorities in Riyadh to strengthen its presence in the Kingdom, but it has not taken a final decision.
It is noteworthy that Huawei currently has headquarters for the Middle East region in Dubai and Bahrain.
Relations between Saudi Arabia and China are growing, following a visit by Chinese President Xi Jinping to Riyadh in 2022, during which the two countries signed agreements worth 50 billion dollars.
In February 2021, Saudi Arabia announced that starting in early 2024, government entities will be prohibited from dealing with foreign companies that do not have regional headquarters in the Kingdom.
More than 70 companies obtained licenses to move their headquarters to Riyadh by the end of 2022.
In March 2023, the Saudi Council of Ministers approved the establishment of the Saudi program to attract regional headquarters for international companies, provided that it is under the supervision of the Board of Directors of the Royal Commission for the City of Riyadh.
