Saudi Arabia to invest $2bn in Chinese laptop maker Lenovo

Attracting foreign investment has become a key focus for the country under Crown Prince Mohammed Bin Salman and his plan to diversify the oil-dependent economy

In return, Lenovo pledged to open a manufacturing facility and establish a regional headquarters in Saudi Arabia. 

Saudi Arabia’s plan to invest $2bn (€1.85bn) in Chinese laptop maker Lenovo is the latest example of a strategy to use the kingdom’s cash pile to lure foreign companies and become the Gulf’s tech hub.

Alat, a unit of the powerful Saudi sovereign wealth fund, said that it would invest in a Lenovo convertible bond. In return, the Chinese computer maker pledged to open a manufacturing facility and establish a regional headquarters in Saudi Arabia.