With two-thirds of its economy under 30 and an economy it is keen to diversify away from oil dependence, Saudi Arabia offers fertile ground for foreign expenditure. But according to one investment bank chief executive, it is technology behemoths from China, and not the US, that will win the race to capture this lucrative market.
“China’s large tech companies like Alibaba and Tencent have a conglomerate structure and are pursuing more businesses than their U.S. counterparts like Google or Facebook,” Fan Bao, CEO of China Renaissance said.
Winston Cheng, president of International for Chinese e-commerce firm JD.com said that he saw “significant opportunity in the region” with “so much change going on here”. Cheng added that JD was looking for “partners in the international market”.
Source Credit: CNBC
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