China's Huawei granted 100% ownership in Saudi Arabia
Chinese technology firm Huawei has announced it has been awarded an investment licence to start operating in Saudi Arabia with 100 per cent ownership.The company said it was the first commercial licence for an IT firm awarded in the country and the first to a Chinese firm.The licence was awarded in a ceremony today following the submission of a plan to the Saudi Arabian General Investment Authority (SAGIA), which detailed initiatives to train 900 Saudis in ICT and invest SAR300m ($80m) in the local market.
Huawei wins licence to invest in Saudi Arabia
China-based Huawei, a leading global ICT solutions provider, today (August 31) received a commercial licence to invest in Saudi Arabia and establish a centre of innovation.The licence was issued even as Prince Muhammad bin Salman bin Abdulaziz, Deputy Crown Prince and chairman of the Council of Economic and Development Affairs, is on a visit to China.The licence, issued by Dr Majid Al-Qasabi, Minister of Commerce and Investment, was received by Pang Jimin, director of Huawei Global Government Affairs.
Huawei to open an innovation centre in Saudi Arabia
Dubai:Huawei obtained a 100 per cent commercial licence to invest in Saudi Arabia to establish a centre for innovation.It is also the first issued to a Chinese company during the visit by Prince Mohammad Bin Salman Bin Abdul Aziz, Deputy Crown Prince of Saudi Arabia and Chairman of the Council of Economic and Development Affairs to China.After submitting a comprehensive action plan to the Saudi Arabian General Investment Authority that includes several initiatives to contribute to the localisation of the Information and Communication Technology industry in the Kingdom, the new licence would allow the company to sell its products directly in the Saudi market.
Post a Comment