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
TT

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.

 



Miami Hosts FII Summit on Wednesday, Eyes Role of Capital in Global Shifts

PIF Governor Yasir Al-Rumayyan during a previous FII summit in Miami. (Asharq Al-Awsat)
PIF Governor Yasir Al-Rumayyan during a previous FII summit in Miami. (Asharq Al-Awsat)
TT

Miami Hosts FII Summit on Wednesday, Eyes Role of Capital in Global Shifts

PIF Governor Yasir Al-Rumayyan during a previous FII summit in Miami. (Asharq Al-Awsat)
PIF Governor Yasir Al-Rumayyan during a previous FII summit in Miami. (Asharq Al-Awsat)

Miami will host the fourth FII PRIORITY summit from March 25 to 27 under the theme “Capital in Motion,” as global economic and geopolitical shifts accelerate and investments and ideas move faster across borders and sectors.

More than 1,500 business leaders, policymakers and investors from the United States, Latin America, the Middle East, Europe, Asia and Africa will gather to rethink global capital flows and advance sustainable, inclusive growth.

The Future Investment Initiative Institute said the summit comes “at a moment when capital is being reallocated, repriced and reimagined,” adding that understanding and shaping these shifts responsibly is what brings this global community together.

The summit opens with a special forum titled “The New LATAM Order,” featuring sessions on the macroeconomic outlook for the Americas and discussions on who stands to gain from the emerging economic system and how capital is flowing through the region’s digital economy.

The focus reflects Latin America’s rising role in the global economy, with sessions examining investment in infrastructure and digital transformation, including whether the region’s infrastructure can become a global platform and where capital is heading in the digital economy.

Participants include Princess Reema bint Bandar Al Saud, Saudi Arabia’s ambassador to the United States, Yasir Al-Rumayyan, governor of the Saudi Public Investment Fund, Saudi Finance Minister Mohammed Al-Jadaan and Tourism Minister Ahmed Al-Khateeb.

International executives include Ripple CEO Brad Garlinghouse, Mary Erdoes of JPMorgan and Nelson Griggs of Nasdaq.

Sessions will also examine investment ties and economic relations, including the resilience of US-Gulf investment partnerships and the future structure of US-Latin American agreements as economic alliances evolve.

Technology will take center stage, with discussions on artificial intelligence and the digital economy, including where returns on AI investment are emerging and how infrastructure for the AI economy is being built, alongside debates on whether governments are leading or following in the AI race.

The agenda also covers energy and resources, including how energy deals could reshape power and profitability, the race for critical minerals, and aviation and tourism, with sessions on competitiveness and investment in travel infrastructure.

Emerging sectors will feature prominently, including the creator economy, gaming and the role of sports and culture in generating returns, reflecting the growing weight of the creative economy.

Broader themes include the global economic outlook, the flow of power and capital and how to address a $3 trillion exit crisis, alongside closed sessions for decision-makers to set investment priorities.

US President Donald Trump will deliver the closing address on March 27 as the guest of honor, underscoring the summit’s role as a platform linking politics, economics, and investment.

The event also reinforces Miami’s position as a strategic bridge between North and South America and a hub for redirecting global capital flows, while setting the stage for the 10th Future Investment Initiative in Riyadh later this year.


Saudi ADES Suspends Some Offshore Rigs in the Gulf

The group said it is working closely with clients and relevant stakeholders to monitor developments. Photo: ADES
The group said it is working closely with clients and relevant stakeholders to monitor developments. Photo: ADES
TT

Saudi ADES Suspends Some Offshore Rigs in the Gulf

The group said it is working closely with clients and relevant stakeholders to monitor developments. Photo: ADES
The group said it is working closely with clients and relevant stakeholders to monitor developments. Photo: ADES

Saudi Arabia’s ADES Holding Company announced it has temporarily suspended some of its offshore drilling rigs in the Gulf Cooperation Council due to ongoing regional tensions.

ADES said in a statement that the suspensions are expected to be short-term.

The group also said it is working closely with clients and relevant stakeholders to monitor developments and ensure operational readiness and stressed that the safety of its personnel and assets remains a top priority.

Despite the current situation, the company announced its EBITDA guidance for 2026 in the range of SAR4.50 billion to SAR4.87 billion, implying a 33% to 44% increase compared with the upper end of its 2025 guidance of SAR3.39 billion.

The outlook reflects improved visibility on earnings drivers across its expanded platform and continued confidence in the resilience of its diversified operations.


South Korea Seeks Omani Support on Oil, LNG

FILE PHOTO: People walk on a zebra crossing in front of the buliding of Bank of Korea in Seoul, South Korea, July 14, 2016.  REUTERS/Kim Hong-Ji/File Photo
FILE PHOTO: People walk on a zebra crossing in front of the buliding of Bank of Korea in Seoul, South Korea, July 14, 2016. REUTERS/Kim Hong-Ji/File Photo
TT

South Korea Seeks Omani Support on Oil, LNG

FILE PHOTO: People walk on a zebra crossing in front of the buliding of Bank of Korea in Seoul, South Korea, July 14, 2016.  REUTERS/Kim Hong-Ji/File Photo
FILE PHOTO: People walk on a zebra crossing in front of the buliding of Bank of Korea in Seoul, South Korea, July 14, 2016. REUTERS/Kim Hong-Ji/File Photo

South Korean Foreign Minister Cho Hyun on Tuesday asked his ⁠Omani counterpart for support ⁠on crude oil ⁠and LNG supplies, Cho's office said, due to shipment disruptions linked to the ⁠conflict ⁠in the Middle East.

According to the Foreign Ministry, Cho made the request during a phone call with Omani Foreign Minister Badr bin Hamad Albusaidi, as the ongoing US-Israeli war with Iran has disrupted global energy supply routes through the Strait of Hormuz.

Iran’s chokehold on the crucial Strait of Hormuz has snarled international shipping, sent fuel prices skyrocketing and threatened the world economy.