BUSINESS

Lenovo to establish tech and manufacturing hub in Saudi Arabia

May 29, 2024
The planned developments in Saudi Arabia include a regional MEA headquarters in Riyadh and a new PC and server manufacturing facility.
The planned developments in Saudi Arabia include a regional MEA headquarters in Riyadh and a new PC and server manufacturing facility.

Saudi Gazette report

RIYADH —
Lenovo Group Limited has announced a significant expansion in Saudi Arabia, including the establishment of a tech and manufacturing hub, as part of a Strategic Collaboration Framework Agreement with Alat, a Public Investment Fund (PIF) company.

This move aims to enhance Lenovo’s global presence and support the Kingdom’s shift towards sustainable manufacturing aligned with its clean energy goals for 2030.

The agreements, including a $2 billion investment in zero-coupon convertible bonds, will bolster Lenovo’s transformation into a solutions and services-led enterprise and enhance its manufacturing capabilities in the Middle East and Africa (MEA) region.

The planned developments in Saudi Arabia include a regional MEA headquarters in Riyadh and a new PC and server manufacturing facility, poised to enhance service delivery across the region and improve global supply chain resilience.

This collaboration is set to significantly contribute to Saudi Arabia’s vision of becoming a global sustainable technology manufacturing hub focusing on sectors like semiconductors, smart devices, and AI infrastructure.

Yuanqing Yang, Chairman and CEO of Lenovo, emphasized the strategic partnership's role in propelling Lenovo’s growth and innovation in the MEA region.

Additionally, the strategic investment will enable Lenovo to repay existing debts and support general corporate activities, reflecting strong confidence in Lenovo’s market leadership and growth prospects.

The agreement also includes potential equity conversion and warrant issuance, underscoring the financial strategies enhancing Lenovo’s long-term business objectives.


May 29, 2024
860 views
HIGHLIGHTS
BUSINESS
11 hours ago

Dr. Soliman Fakeeh Hospital, Jeddah is among top three 5-star hospitals in Middle East and North Africa

BUSINESS
2 days ago

Gold prices hit $3,000 for the first time as investors push the panic button

BUSINESS
5 days ago

Stocks fall in US and Asia over Trump tariffs concerns