LONDON: Apple and Amazon are in discussions with Saudi authorities about investing in the Kingdom, two sources told Reuters on Thursday.
A third source confirmed that Apple was in talks with SAGIA, Saudi Arabia’s foreign investment authority, which authorizes licenses to do business in the Kingdom.
The source told Reuters that Amazon’s discussions are being led by cloud computing division Amazon Web Services (AWS), a move that could act as a stepping-stone for launching the US tech giant’s retail services in Saudi Arabia.
A licensing agreement for Apple stores with SAGIA is expected by February, with an initial retail store targeted for 2019, two sources familiar with the discussions told Reuters.
Amazon’s talks are in earlier stages and no specific date has been set for investment plans, they said.
Prashant ‘PK’ Gulati, a technology investor based in Dubai and president of TIE Dubai, told Arab News that he “wasn’t surprised” that Amazon would be investing through AWS in Saudi Arabia.
“They are looking to get a foot in the door and engage with the region’s young, tech savvy population,” he said.
Home to a population of just over 32 million, Saudi Arabia currently has the highest per-capita YouTube use of any country in the world and over 21 million smartphone users in 2017, according to research firm Statista.
Under the reforms spearheaded by Saudi Crown Prince Mohammed bin Salman, Riyadh has been easing regulatory impediments, including limits on foreign ownership.
Apple and Amazon have both been on a Saudi priority list of foreign firms which officials hope to attract to further the reforms, one of the sources told Reuters.
Both Amazon and Apple already sell products in Saudi Arabia via third parties but they have yet to establish a direct presence unlike in the neighboring UAE, where AWS set up its first Middle East office in 2017 and Apple already has three retail stores.
Amazon also acquired Dubai-based online retailer Souq.com earlier in 2017, opening access for Amazon to sell retail goods in the Kingdom.
Luring tech bellwethers such as Apple and Amazon to the Kingdom has the potential to boost the crown prince’s reform plans, said Gulati.
“This move shows that the country is open for business and that international businesses are open to investing in the Arab region,” he said.
Gulati said the government’s plans for the $500 billion tech city Neom “sits well” with the news that Apple and Amazon could enter the Kingdom for the first time.
“It is good for our region. It shows they are looking forward. A country the size of Saudi Arabia demands deeper engagement from multinational companies.”
The tech investor added that the move may also be an incentive for global tech giants to “Arabize” their products in an attempt to fit into the market and further entice the Kingdom’s young and affluent population.
Referring to the fate of the Kingdom’s incumbent tech players, such as STC and Mobily, Gulati said that competition would be good for the market and help to “grow the size of the pie.”
Both Apple and Amazon declined to comment when contacted by Arab News.
Apple, Amazon ‘in talks to set up in KSA’
Apple, Amazon ‘in talks to set up in KSA’
QatarEnergy secures offshore exploration license in Libya
RIYADH: QatarEnergy has secured a marine exploration license in Libya following the conclusion of the “Libya Bid Round,” marking its entry into the country’s energy sector.
In a statement, QatarEnergy said Libya’s National Oil Corp. announced the results of the competitive bidding process, the first licensing round held in the country since 2007.
Exploration and production rights for Block O1 were awarded to a consortium comprising QatarEnergy, which holds a 40 percent participating interest, and Italy’s Eni, the operator, with a 60 percent stake.
Commenting on the development, Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy, Saad Sherida Al-Kaabi, said: “We are pleased to have been awarded exploration rights in this area and are encouraged by the potential of Libya’s offshore sector and the opportunities to expand our footprint in North Africa.”
He added: “I would like to thank and congratulate the Libyan authorities on the success of this licensing round. We look forward to working closely with the Libyan authorities and Eni to ensure the successful execution of the exploration program.”
Block O1 is located in the offshore Sirte Basin and spans approximately 29,000 sq. km, with water depths reaching up to 2,000 meters.
Beyond Libya, QatarEnergy continues to expand its global presence, particularly in Asia. The company recently signed a 20-year sales and purchase agreement with Malaysia’s Petronas to supply 2 million tonnes per annum of liquefied natural gas starting in 2028.
The agreement, signed during the LNG2026 conference in Doha, represents the first long-term LNG deal between the two state-owned energy companies. QatarEnergy said the partnership reflects “continued confidence and trust between the two organizations” and underscores their shared vision for a sustainable energy future.
Al-Kaabi noted that the agreement “highlights our continued commitment to supporting Malaysia’s growing energy needs, as well as those of our customers worldwide.”
On the sidelines of the same conference, QatarEnergy also signed a memorandum of understanding with Japan’s Ministry of Economy, Trade and Industry and JERA to supply additional LNG volumes during emergencies, such as natural disasters.
