Huawei Technologies Co. is considering locating its Middle East headquarters in Saudi Arabia’s capital Riyadh in response to the Saudi government’s initiative to make the country a regional business hub and the growing diplomatic and commercial ties between China and Saudi Arabia, people familiar with the matter said, according to a Bloomberg report.
Huawei, which has previously had offices in the Saudi capital and other cities in the Middle East, and has set up regional headquarters in Dubai and Bahrain, is currently in talks with authorities in Riyadh. Sources close to the matter said Huawei has not yet made a final decision, and a Huawei spokesman declined to comment.
Saudi Arabia previously announced that starting in 2024, government agencies will restrict business with foreign companies that do not have regional headquarters in the country in a bid to reduce economic outflows and attract foreign investment. Government officials said about 80 companies applied to move their headquarters to Riyadh late last year.
