“Apple Inc. has been granted an exemption from foreign ownership laws in the United Arab Emirates that will allow it 100 percent control of operations in the country, according to two people with knowledge of the matter,” Matthew Martin reports for Bloomberg.
“The dispensation was a condition for the world’s largest listed company to set up in the U.A.E., the people said, asking not to be identified as the plans are private,” Martin reports. “Apple will open its first Middle East store in Dubai this year and then Abu Dhabi after securing the privileges, according to the people.”
“The U.A.E. is an attractive market for Apple,” Martin reports. “There are about 17 million active mobile subscriptions in the U.A.E. and 61 percent of them are smartphones, according to the Telecommunications Regulatory Authority. The iPhone 5s was the most popular handset in the country in the fourth quarter of 2014, the latest figures from the regulator show.”
Read more in the full article here.
MacDailyNews Take: Hello, U.A.E.! Hello, Apple Watch Edition sales!
SEE ALSO:
United Arab Emirates slated to get world’s biggest Apple Retail Store – August 20, 2014
Tim Cook visits United Arab Emirates – February 2, 2014
Apple’s first Middle East Store to open in Dubai’s Mall of the Emirates on March 16th – March 9, 2011
As a American company I have to wonder how long before it’s haven for protests or bombed.
Why is that? Didn’t we help those scared people during the Gulf War indirectly while mainly protecting the oil fields for our own benefit.
All joking aside, I’m glad to hear Apple had enough clout to gain full control. That entire UAE market should be great for Apple. They could definitely sell a few high-end AppleWatch Editions over there as some wealthy prince gifts all his friends and family on a whim.
If you were ever wondering who on earth would pay 18k for an Apple watch…they will not be able to keep them in stock at this store. Can’t wait to see the sales numbers from this location!
It would be interesting to know how many watches it took to grease the wheels.