By Farah Elbahrawy
Chinese e-commerce giant Alibaba Group Holding Ltd. has sought to partner with local companies in Saudi Arabia and the United Arab Emirates as China deepens its ties with the Gulf.
“One of the things we’ve chosen to do, which is a bit unusual for a Chinese company, is that we work together,” Alibaba President Michael Evans said on a panel at the World Government Summit in Dubai, responding to the way his company navigates the industrial sector. policy initiatives. “And by working together in a local market, we have done that here in the GCC. We’re going to do it in the UAE. We just finished something very interesting in Saudi Arabia.”
Alibaba is trying to stage a comeback after years of government punishment and strategic missteps that cost the e-commerce operator its place as the leader of the country’s technology industry. Co-founder Jack Ma urged the company to correct course in November.
“A local partner is essentially an opportunity to keep you deeply involved in the dialogue about what’s happening,” said Evans.
Gulf states have deepened ties with Beijing in recent years as the oil-rich region expands its global influence and seeks investment to diversify its economy away from hydrocarbons. Last year, the UAE and Saudi Arabia were among a handful of countries invited to join the BRIC bloc in a drive for expansion largely driven by China.
These efforts are complicated by U.S. opposition to entities believed to have close ties to Beijing. Abu Dhabi’s G42 told Bloomberg this week that it is scaling back its presence in China and has pledged to invest in key Western markets in an effort to allay US concerns.
First print: February 15, 2024 | 1:09 am IST