Huawei announced today the signing of a leasing contract with Kaden Investment that will see the establishment of the largest flagship store for Huawei outside of China. The new agreement was signed at the Ministry of Investment (MISA) headquarters in Riyadh on 5th January 2021 in the presence of H.E. Eng. Khalid Al-Falih, Minister of Investment of Saudi Arabia.
The announcement further cements Huawei’s commitment to Saudi Arabia, where the company has been present for 20 years. In addition to providing cutting-edge communications technology solutions across a variety of industries, Huawei smartphones are enjoyed by millions of users throughout the Kingdom.
Huawei’s new flagship store will offer a rich full-scenario experience, enabling customers to truly experience how ubiquitous connectivity will seamlessly integrate 5G and artificial intelligence (AI) into every aspect of their daily life.
The store will allow Huawei direct access to consumers who have a rapidly increasing demand for cutting-edge digital products and services as Saudi Arabia undergoes a significant digital transformation, driven by Vision 2030. As a result, internet usage in the Kingdom is expected to increase, rising to 82.6% of the population in 2022 from 73.2% in 2017.
Huawei’s flagship store will be located in Riyadh Front, a shopping, entertainment and business destination. Owned by developer and lease co-signee Kaden Investment, Riyadh Front is one of the latest additions to Saudi Arabia’s growing retail and commercial real estate landscapes, both of which have been prioritized for development in line with Vision 2030 objectives to stimulate private sector growth.
As an emerging sector, real estate represented one of the leading sources of new foreign investment projects in the Saudi market in Q3 2020, with retail investment also experiencing a rapid 575% quarter-on-quarter expansion in Q3 despite challenging global economic conditions.