Apple to Expand Significantly in Saudi Arabia

The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, US, October 16, 2019. REUTERS/Mike Segar/File Photo
The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, US, October 16, 2019. REUTERS/Mike Segar/File Photo
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Apple to Expand Significantly in Saudi Arabia

The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, US, October 16, 2019. REUTERS/Mike Segar/File Photo
The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, US, October 16, 2019. REUTERS/Mike Segar/File Photo

Apple has unveiled plans for a major expansion in Saudi Arabia, including the launch of an online store in 2025. The company has also outlined ambitions to open additional stores across the Kingdom as part of its long-term strategy.
Apple’s expansion will begin with the introduction of the Apple Store online in the summer of 2025. This new platform will provide Saudi customers access to Apple’s full range of products, along with direct support and services available in Arabic for the first time.
First Flagship Store in Diriyah
According to information obtained by Asharq Al-Awsat, Apple’s flagship retail store in Saudi Arabia is scheduled to open in 2026 in Diriyah, a UNESCO World Heritage Site. This location will serve as the centerpiece of Apple’s retail expansion in the Kingdom, offering customers an opportunity to interact with Apple’s products and services while engaging with its team members in an iconic setting.
Apple CEO Tim Cook expressed his excitement about the expansion, saying: “We’re excited to be expanding here in Saudi Arabia with the launch of the Apple Store online next year, and the first of several flagship Apple Store locations starting in 2026, including an iconic store at the stunning site of Diriyah coming later."
He added: “Our teams are looking forward to deepening our connections with customers, and to bringing the best of Apple to help people across this country explore their passions, build their businesses, and take their ideas to the next level.”
Investing in Saudi Arabia’s App Economy
Apple’s retail expansion complements its broader investments in Saudi Arabia. These include the Apple Developer Academy, the first of its kind in the region, which opened in Riyadh in 2021. Established in collaboration with the Saudi government, the academy operates in partnership with Tuwaiq Academy and Princess Nourah Bint Abdulrahman University.
The academy, located on the university’s campus, is exclusively dedicated to training women in programming, design, and entrepreneurship. Since its launch, nearly 2,000 students have completed courses, with many creating applications now available on the App Store for both local and international markets.
Apple has also expanded its educational programs in Saudi Arabia, including hosting its inaugural “Apple Foundation Program” this past summer, which offered students a month-long learning experience.
Boosting Saudi Arabia’s Economy
Apple announced that it will launch the second cohort of its Developer Academy program in the spring of 2025. The company highlighted the role of Saudi developers in driving economic growth, noting that the iOS app economy is generating significant job opportunities and fostering entrepreneurship.
Apple shared that developer earnings in Saudi Arabia have surged by over 1,750% since 2019. The company emphasized its commitment to creating more opportunities in the Kingdom, supporting entrepreneurs, small businesses, and public transport users through advanced technologies.
Over the past five years, Apple has invested more than SAR 10 billion ($2.6 billion) in the Saudi economy through partnerships with local businesses. The company noted that its services have supported enterprises across the country, from small startups to large corporations.
Apple Pay has also gained significant traction in Saudi Arabia since its 2019 launch. Following the opening of the Riyadh Metro, Riyadh became the first Middle Eastern city to adopt Apple Pay’s Express Transit feature, allowing seamless payment for metro and bus services with an iPhone or Apple Watch.
Apple noted that many Saudi users have transitioned entirely to digital payment methods, moving away from physical cards.

 



OPEC Secretary General: Oil Demand to Remain Robust, No Change to Estimates

OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
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OPEC Secretary General: Oil Demand to Remain Robust, No Change to Estimates

OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)

OPEC expects robust oil demand growth and is not changing its estimates, Secretary General Haitham Al Ghais said on Thursday at the St. Petersburg International Economic Forum, despite the Middle East conflict and closure of the ⁠Strait of Hormuz.

"Despite ⁠all the commentary out there that oil demand is declining, we have not registered signs of that yet," ⁠Reuters quoted Al Ghais as saying.

"We still see robust demand growth at 1.2 million barrels a day for this year," he said.

He also said that investments in the oil industry should not be affected by "one-off events" that happen ⁠anywhere ⁠in the world.

"We need to invest well ahead of time to be prepared for the demand that we see in the future," he said.


Egypt Plans to List More State-owned Companies, Replace In-kind Subsidies with Cash

Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
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Egypt Plans to List More State-owned Companies, Replace In-kind Subsidies with Cash

Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)

Egypt aims to list four to five state-owned companies on the Cairo stock exchange before the end of the year as part of its state asset sales strategy, Prime Minister Mostafa Madbouly said on Thursday.

The government also plans to shift from in-kind subsidies to cash subsidies during the coming financial year, as part of efforts to improve the targeting of social support, Madbouly said at a press conference, Reuters reported.

It does not aim to reduce the monetary value of subsidies but rather ensure they reach those entitled to receive them, he added.

More than 60 million people receive subsidised essential commodities through state-run outlets, while at least 10 million others benefit from subsidised bread.


St. Petersburg Forum Brings Together Energy Leaders to Discuss Hormuz Security, Future of Global Markets

Venue of the St. Petersburg International Economic Forum (the Forum)
Venue of the St. Petersburg International Economic Forum (the Forum)
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St. Petersburg Forum Brings Together Energy Leaders to Discuss Hormuz Security, Future of Global Markets

Venue of the St. Petersburg International Economic Forum (the Forum)
Venue of the St. Petersburg International Economic Forum (the Forum)

Global energy markets will turn their attention on Friday to the St. Petersburg International Economic Forum, where a high-level panel discussion titled “Global Energy Systems: How Is the World’s Energy Sector Responding to Challenges and Risks?” will take place.

The 29th edition of the forum, being held this year under the theme “Shared Values: The Foundation of Growth in a Multipolar World,” opened on Wednesday. Saudi Arabia is participating as the forum’s principal guest of honor as the two countries mark 100 years of diplomatic relations.

Saudi government entities, national institutions and leading companies are taking part in the forum, including the ministries of energy, industry, transport, environment and investment, with the aim of strengthening cooperation and showcasing the goals and achievements of Vision 2030 in economic diversification and attracting high-quality investment.

The St. Petersburg International Economic Forum, established in 1997, is Russia’s leading economic conference and attracts more than 10,000 participants annually.

The energy session carries exceptional significance given its timing, coming after five months of escalating disruptions to supply routes and rising oil prices. It also falls within the main theme of the forum’s 2026 edition, “The Global Economy: Between Confrontation and Cooperation.”

The session will bring together senior decision-makers from across the global energy industry, led by Saudi Energy Minister Prince Abdulaziz bin Salman, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al Ghais, Russian Deputy Prime Minister Alexander Novak, and Chief Executive Officer of the Russian Direct Investment Fund Kirill Dmitriev. Also participating are Egyptian Petroleum Minister Karim Badawi, Serbian Energy Minister Dubravka Djedovic, and Secretary General of the Gas Exporting Countries Forum Philip Mshelbila.

According to the session agenda, discussions will focus on a series of strategic questions arising from the new reality facing global energy markets. Foremost among them is the impact of the current Middle East conflict on global oil and gas markets, and what current and future measures could reduce reliance on transporting energy resources through the Strait of Hormuz amid security tensions that have caused tangible shifts in traditional maritime shipping routes.

The session will also examine the strategy that major oil and gas producers should adopt under these circumstances and how the economic impact of OPEC+ measures should be assessed.

Participants will discuss the strategies that major oil and gas producers should pursue amid a complex environment shaped by six years of overlapping crises, beginning with the COVID-19 pandemic, continuing through Western sanctions imposed on Moscow, and extending to current military conflicts and their direct impact on international trade and the global economy. Discussions will also include an assessment of the economic impact of OPEC+ decisions and consideration of the alliance’s future plans.

The strategic dialogue comes ahead of a crucial oil-policy marathon on Sunday, when a series of meetings will begin with the OPEC’s conference, followed by the 66th meeting of the Joint Ministerial Monitoring Committee, which oversees compliance levels, coordination and current compensation plans for countries that previously exceeded their production quotas. The 41st ministerial meeting of OPEC and OPEC+ will also be held.

Sources familiar with the oil sector said OPEC+ is likely to approve an additional gradual increase in its production targets for July, in a move aimed at demonstrating the group’s ability to return to a “normal production path.”

The alliance has already increased production quotas by about 600,000 barrels per day between April and June.