Apple, Amazon in Licensing Talks With Saudi Arabia -Reuters

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Apple Inc. (AAPL) and Inc. (AMZN) are in licensing discussions regarding investing in Saudi Arabia, according to Reuters, citing unnamed sources.

--A licensing agreement for Apple stores with SAGIA, Saudi Arabia's foreign investment authority, is expected by February, Reuters says, with a 2019 target for the first retail store.

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--Amazon's talks, which are at an earlier stage than those of Apple, are being led by Amazon Web Services, the company's cloud-computing division, and as of yet, there is no specific date set for Amazon's investment plans, Reuters says.

--While at present neither company has a direct presence in Saudi Arabia, both Amazon and Apple sell products in the country through third parties, according to Reuters.

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December 28, 2017 05:58 ET (10:58 GMT)