Smartphone Giant Huawei Announced The Signing Of A Contract With Kaden Investment To Open Its Largest Store Outside Of China In Saudi Arabia.
Smartphone Giant Huawei On Monday Announced The Signing Of A Contract With Kaden Investment To Open Its Largest Store Outside Of China In Saudi Arabia. The announcement further cements Huawei’s commitment to Saudi Arabia, where the company has been present for 20 years and its smartphones are used by millions throughout the kingdom.
The new flagship store, which will be located in Riyadh Front, a retail destination in the Saudi capital, will allow Huawei direct access to consumers who have a rapidly increasing demand for cutting-edge digital products and services, driven by Vision 2030. No date was given for the opening of the store. Internet usage in the kingdom is expected to rise to 82.6 percent of the population in 2022 from 73.2 percent in 2017, according to studies.
Khalid Al-Falih, Minister of Investment of Saudi Arabia, said: “Today’s agreement is a symbol of how long-term and mutually beneficial investment partnerships are vital to Saudi Arabia’s ongoing national development. Huawei is one of Saudi Arabia’s most valued and long-standing digital partners and was ahead of the curve in recognising the investment potential of the Kingdom’s telecom sector.”
The minister added: “Huawei has played an instrumental role in Saudi Arabia’s development, collaborating with government and private enterprises to enhance our nation’s technological infrastructure. It continues to share our commitment to talent development, innovation, and ambition, the values which underpin Vision 2030. We look forward to witnessing the progress of today’s exciting new addition to Riyadh’s retail offering and Saudi Arabia’s wider technological landscape.”
Abdullah Bin Amer Al-Sawaha, Minister of Communications and Information Technology, said: “This strategic partnership with Huawei is part of the Saudi Arabia’s efforts to attract international partnerships which strengthen our position as a leading investment force in the Middle East and North Africa, a hub for innovation and entrepreneurship and a ‘digital link’ that connects three continents.”
Terry He, CEO of Huawei Tech Investment Saudi Arabia, added: “Saudi Arabia is an important market for us, and we are dedicated to providing the very best communications technology to the kingdom, as well as to investing in the growth of the local ICT ecosystem.”
In line with Vision 2030, Saudi Arabia is enacting an expansive series of pro-business improvements that are reducing barriers to market entry and opening up advantageous investment opportunities in sectors such as ICT and telecoms. The kingdom’s telecoms industry is now the fastest growing in the MENA region and the world’s 13th largest market, currently valued at $20 billion but set to reach $35 billion by 2030.
This news was originally published at Arabian Business.