China’s Huawei plans Riyadh Middle East headquarters

Reuters/Hussain Hasnoor

China’s Huawei Technologies Co plans to make Riyadh its headquarters for the Middle East as the country develops its diplomatic and business ties with Saudi Arabia.

Huawei, which has offices in the Saudi capital and other Middle East cities, is in talks with authorities in Riyadh to “upgrade its presence in the country”, Bloomberg reported, citing unnamed sources. 

Huawei has yet to make a final decision, the report said.

The company currently has headquarters for the region in Dubai and Bahrain.

From 2024 Saudi Arabia will prohibit government entities from doing business with foreign firms that do not have regional headquarters in the region’s largest economy. 

Last month Saudi investment minister Khalid Al Falih said the country would be likely to offer tax relief to multinationals that relocate their regional headquarters to the kingdom in 2023, the Financial Times reported.

As many as 80 companies have already been granted licences to move their regional headquarters to the kingdom. Many are expected to be based in King Abdullah Financial District in Riyadh.

Global real estate consultancy Knight Frank has said that unprecedented demand for prime office space in Riyadh has taken Grade A office occupancy levels close to 100 percent, driven by a massive increase in foreign investment licences this year.