Saudi Arabia awards licenses to Apple, ZTE, HPE: report

21/06/2018 Argaam

 

Saudi Arabian General Investment Authority (SAGIA) granted commercial licenses to three information technology firms, namely Apple, ZTE and HPE with 100 percent ownership, Al-Eqtisadiah newspaper reported on Thursday, citing unnamed sources close to the matter.

 

The three firms will inject investments at a total of SAR 650 million in the Kingdom over the next five years.

 

Meanwhile, SAGIA reached an agreement with ZTE to boost its investments in the Kingdom to SAR 200 million over the same period, the sources added.

 

Last February, Payfort, a unit of the online retailer Amazon, was licensed to operate as wholly-owned payment solutions company in the Kingdom, Argaam reported. 

 

The company intends to tap the rise of e-commerce and growing demand for online transactions in the Arab world's biggest economy.

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