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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
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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.

 

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Tesla, Chips, and Banks Tumble as China’s Retaliation Stokes Fears of Widening Trade War

Tesla’s logo on a building of the Tesla Gigafactory in Gruenheide, near Berlin, Germany, 03 April 2025. (EPA)
Tesla’s logo on a building of the Tesla Gigafactory in Gruenheide, near Berlin, Germany, 03 April 2025. (EPA)
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Tesla, Chips, and Banks Tumble as China’s Retaliation Stokes Fears of Widening Trade War

Tesla’s logo on a building of the Tesla Gigafactory in Gruenheide, near Berlin, Germany, 03 April 2025. (EPA)
Tesla’s logo on a building of the Tesla Gigafactory in Gruenheide, near Berlin, Germany, 03 April 2025. (EPA)

US chip companies, banks and oil majors fell sharply on Friday after China retaliated to Trump's tariffs with steep duties, in an intensifying trade war between the world's two largest economies that cast a shadow on global growth.

China slapped additional duties of 34% on US goods, set to go into effect April 10. It also announced curbs on exports of some rare-earths and added several US firms to its export control list and the "unreliable entities" list, which allows Beijing to take punitive action.

The action followed US President Donald Trump's 34% duties on imports from China announced on Wednesday, which triggered a massive market meltdown on Thursday. The latest levies were on top of the 20% tariffs on China imposed earlier this year.

Investors were already fretting over potential supply chain disruptions, price hikes and demand destruction for everything from cars and smartphones to sneakers.

Shares of Tesla and Apple - among consumer tech companies with a large exposure to China - were down 8% and 4%, respectively. While both companies have local production in China, duties on US-imported parts could squeeze margins and force price hikes.

"Several tech companies have established local supply chains in China. Most source components from China already, and hence, disruptions should be controllable, though we do expect price hikes on parts and components not being sourced from China," said Nishant Udupa, practice director at research firm Everest Group.

For Tesla, already in a bruising price war with local Chinese rivals, raising prices would pressure demand further.

"Apple's smartphone sales had already been declining in China for some time, faced with growing, cheaper competition. So, the prospect of steep import duties being imposed is likely to sharply erode sales even further," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

Shares of Alphabet, Microsoft and Amazon.com were subdued as they had limited exposure to China.

GE Healthcare's stock slid nearly 13%, following China's export controls on a rare-earth metal that is used in MRI scans. The country's announcement of an anti-dumping investigation into imports of certain medical CT tubes from the US and India added to the worries.

SEMICONDUCTORS

Chip companies are set to face headwinds, too, although US exports a much smaller amount of electronic equipment to China. Shares of Intel, Applied Materials and Qualcomm, all of which count on China for at least 30% of revenue, were down 5% to 8%.

The US exported more than $15 billion worth of electrical and electronic equipment to China in 2024, with most of the value coming from integrated circuits, transistors and other semiconductor devices, according to economic data provider Trading Economics. In comparison, the U.S. imported more than $127 billion in electronic equipment from China last year.

"Semiconductors will feel a greater impact ... We're already witnessing a domestic ecosystem evolve in China, with direct alternatives for every major US semiconductor firm. This trend is likely to accelerate," Udupa said.

NATURAL RESOURCES

Crude prices, already under pressure from an expected OPEC+ oil output hike in May, added to the losses.

Oil majors Exxon and Chevron fell more than 5%. Top oilfield service company SLB dropped 10%, and the biggest US refiner by volume, Marathon Petroleum, fell 6%. Chemicals company DuPont slid 12%.

"The trade war escalated, recession fears rise and consequently oil demand growth is to take a sizeable hit," said Tamas Varga, analyst at PVM.

China is also the largest market for US agricultural products, even as imports of US farm goods dropped last year.

Shares of top grain traders like Archer-Daniels-Midland fell 8% while Bunge was down 6%. Fertilizer firms Mosaic and CF Industries fell 10% and 8%, respectively.

China's tariffs on US soybean exports would increase the cost to local customers, especially animal feed producers, and could prompt the country to source more from Brazil and Argentina, said Morningstar analyst Seth Goldstein.

BANKS

Banks' shares extended their declines from Thursday. The industry has been clouded by fears that a trade dispute could temper consumer confidence, reduce spending, weaken loan demand and pressure fees from advising on deals.

JPMorgan Chase, the biggest US bank by assets, sank 7%. Wall Street titans Goldman Sachs and Morgan Stanley dropped more than 7% each.

MACHINERY

Heavy machinery makers Caterpillar and Deere fell 5% and 4%, respectively, on concerns over demand from one of their largest overseas markets.

China is a major buyer of construction and agricultural equipment and a key player in global infrastructure spending.

RETAIL

Shares of major luxury and footwear firms reversed coursed after Trump said Vietnam's leader To Lam has offered to reduce tariffs on US imports. Ralph Lauren's shares were up 2.5%, while Tapestry rose as much as 3.6%.

Nike gained 4%, Roger Federer-backed On jumped 7.2% and Lululemon Athletica rose 3%. The stocks had initially fallen after retaliatory tariffs by China, a major revenue contributor.