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Saudi Arabia Eyes 80% Jump In Oil Revenues By 2023

29 December 2017

Saudi regulatory requirements have in the past limited foreign ownership of businesses operating in the country, but a need for non-oil income in the face of falling crude prices has caused a rethink, reports Reuters.

It is alleged that Saad Hariri, the Lebanese Prime Minister has resigned from his post due to pressure from Saudi Arabian government, particularly from Crown Prince Mohammed bin Salman.

Attracting Apple and Amazon would encourage Prince Mohammed's change designs and bring the organizations' profile up in a youthful and moderately wealthy market, which as of now gloats a portion of the most elevated web and cell phone use on the planet.

Saudi Arabia sees oil revenues soaring by 80 percent over the next six years, according to unnamed sources that spoke to Bloomberg.

Another source confirmed Apple was in discussions with SAGIA, the foreign investment authority of Saudi Arabia.

The talks with Amazon are in their earlier stages and there has been no date set for its possible investment plans. Apart from Apple, Amazon is also reportedly being courted by Saudi Arabia.

Apple could open its first retail store in Saudi Arabia in 2019, thanks to an agreement with the government expected to be signed in February.

Amazon acquired online Dubai based retailer Souq.com in early 2017 opening an access point for retail goods from Amazon to be sold across the kingdom. However, sources say Amazon is one of the big tech companies on the kingdom's priority list, making it likely that some deal will come about.

The head of the Kingdom Holding Co. was rounded up with over 200 Saudi government officials and members of the Kingdom's royal family as part of a probe spearheaded by Crown Prince Mohammad Bin Salman, 32 anni.

Saudi Arabia Eyes 80% Jump In Oil Revenues By 2023