Riyadh – Mubasher: Saudi Arabia will issue business licences to three international companies operating in the information technology (IT) and telecommunications sector with a 100% ownership.

US tech giant Apple, China's ZTE Corporation, and Hewlett Packard Enterprise (HPE) obtained the licences with total investments of SAR 650 million that will be implemented in the coming five years, Al Eqtisadiah newspaper reported on Thursday.

In the same vein, the oil-rich kingdom has held discussions with 20 local and overseas firms, including Airbus, Raytheon, and Zahid Tractor & Heavy Machinery Co. Ltd. in an effort to nationalise their industries in the GCC country, as well as establish new companies.

On a side note, the Saudi Arabian General Investment Authority (SAGIA) reached a deal with ZTE to raise its investments in the kingdom to SAR 200 million in the next five years, in addition to investing about SAR 10 million in the coming five years by Payfort.