Huawei Technologies Co. is planning to move its Middle East headquarter to Riyadh, amid a push by Saudi government to be a regional business hub, according to people familiar with the matter.
This comes amid Saudi Arabia positioned itself to have more business ties with China. The company already has various offices in Saudi Arabia as well as other cities across the Middle East.
Moreover, the Chinese company is looking forward to upgrading its presence in the country.
The Saudi government announced that starting from 2024, government entities will not be able to do business with foreign firms that are not headquartered in the country.
This decision comes as the country is looking forward to enhance and attract more foreign investment.
Government officials said that around 80 companies applied for licenses to move their headquarters to the Saudi capital at the end of 2022. Huawei currently has headquarter in Dubai and Bahrain.
