Tech major is reportedly in licensing talks with Riyadh; first Apple store could open in 2019
US tech giant Apple is reportedly in licensing talks with Saudi Arabia with a view to open its first stores in the Gulf kingdom.
The maker of the iPhone, which sells products in Saudi Arabia via third parties, is in discussions with SAGIA, Saudi Arabia's foreign investment authority, sources told Reuters on Thursday.
They said a licensing agreement is expected by February, with the first retail store targeted for 2019.
The sources said that Amazon is also in talks with Riyadh on investing in Saudi Arabia, adding that discussions are in earlier stages.
Both companies declined to comment, while SAGIA was not immediately available to answer questions about the discussions, Reuters said.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.