UAE - Alibaba Partners With Saudi Arabia And UAE Firms As China Gets Closer To Gulf | Benzinga
In a strategic move, Alibaba Group Holding Ltd. (NYSE:BABA) has initiated partnerships with local companies in Saudi Arabia and the United Arab Emirates (UAE) as China strengthens its relations with the Gulf region.
What Happened: Alibaba’s President, Michael Evans, revealed the company’s plans at the World Government Summit in Dubai, Bloomberg reported on Wednesday. The move is seen as an effort to regain its position in the tech industry after facing penalties and making strategic errors. Co-founder Jack Ma had previously called for a correction in the company’s direction.
Evans emphasized the importance of local partners in maintaining a strong connection with the local market. This development comes when the Gulf nations are strengthening their ties with China, seeking investments to diversify their economies beyond oil.
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