HONG KONG: Huawei Technologies is expected to record a 21 percent jump in revenue for 2018 to $109 billion, its rotating chairman said, marking the Chinese tech giant’s fastest pace of business growth in two years despite heightened global scrutiny of its activities.
In his new year’s address to employees, Guo Ping also said Huawei has secured 26 5G contracts and expects its smartphone shipments for 2018 to surpass 200 million units.
The company flagged earlier this month that annual revenue is expected to exceed $100 billion for the first time and that it had secured more than 25 commercial 5G contracts, making it the largest 5G vendor in the world. In August, Huawei forecast smartphone shipments exceeding 200 million for the year.
Huawei is the world’s largest telecom equipment maker and the second largest smartphone seller. It has come under international pressure this year after the United States and its allies including Australia and New Zealand started barring its equipment on concerns they could enable spying by China. Huawei has repeatedly insisted Beijing has no influence over it.
The company’s chief financial officer Sabrina Meng, who is also the daughter of founder Ren Zhengfei, was arrested and released on bail in Canada earlier this month as the US alleged she defrauded banks with Iran-related transactions.
Reuters reported on Thursday citing sources that the White House is mulling an executive order as early as January that would bar US companies from using telecommunications equipment made by Huawei and ZTE , in the latest hit to China’s two largest telecom equipment makers. Huawei and ZTE declined to comment.
While Meng was freed on C$10 million ($7.35 million) bail on Dec. 11, China has since detained two Canadians in what is perceived to be a tit-for-tat reaction to Meng’s detention.
Huawei expects 2018 revenue to rise 21 percent despite international scrutiny
Huawei expects 2018 revenue to rise 21 percent despite international scrutiny
- Smartphone shipments in 2018 are expected to surpass 200 million units
- Huawei is the world’s largest telecom equipment maker and the second largest smartphone seller
BYD Americas CEO hails Middle East as ‘homeland for innovation’
- In an interview on the sidelines of Davos, Stella Li highlighted the region’s openness to new technologies and opportunities for growth
DAVOS: BYD Americas CEO Stella Li described the Middle East as a “homeland for innovation” during an interview with Arab News on the sidelines of the World Economic Forum.
The executive of the Chinese electric vehicle giant highlighted the region’s openness to new technologies and opportunities for growth.
“The people (are) very open. And then from the government, from everybody there, they are open to enjoy the technology,” she said.
BYD has accelerated its expansion of battery electric vehicles and plug-in hybrids across the Middle East and North Africa region, with a strong focus on Gulf Cooperation Council countries like the UAE and Saudi Arabia.
GCC EV markets, led by the UAE and Saudi Arabia, rank among the world’s fastest-growing. Saudi Arabia’s Public Investment Fund has been aggressively investing in the EV sector, backing Lucid Motors, launching its brand Ceer, and supporting charging infrastructure development.
However, EVs still account for just over 1 percent of total car sales, as high costs, limited charging infrastructure, and extreme weather remain challenges.
In summer 2025, BYD announced it was aiming to triple its Saudi footprint following Tesla’s entry, targeting 5,000 EV sales and 10 showrooms by late 2026.
“We commit a lot of investment there (in the region),” Li noted, adding that the company is building a robust dealer network and introducing cutting-edge technology.
Discussing growth plans, she envisioned Saudi Arabia and the wider Middle East as a potential “dreamland” for innovation — what she described as a regional “Silicon Valley.”
Talking about the EV ambitions of the Saudi government, she said: “If they set up (a) target, they will make (it) happen. Then they need a technology company like us to support their … 2030 Vision.”
