Apple Takes Bold Steps to Strengthen Presence in Saudi Arabia

New Online Store and Flagship Retail Locations on the Horizon: Apple Inc. AAPL has announced major expansion plans in Saudi Arabia as part of its growth strategy in the Middle Eastern market. The tech leader will debut its first Arabic-language online store in the summer of 2025, followed by several flagship retail locations starting in 2026, as stated in a company announcement released Sunday.

CEO Tim Cook Excited About New Store: CEO Tim Cook revealed plans for a new iconic store in Diriyah, a UNESCO World Heritage site. In his statement, he said, “We’re excited to be expanding here in Saudi Arabia,” underscoring Apple’s dedication to enhancing customer engagement within the region.

Building on Existing Success: This expansion follows Apple’s efforts in Saudi Arabia, which already include a women-only Developer Academy in Riyadh that launched in 2021 in collaboration with the Saudi government and Princess Nourah bint Abdulrahman University. So far, nearly 2,000 students have completed programming courses at the academy.

Rapid Growth of the iOS App Economy: The expansion is particularly significant as the Saudi iOS app economy has experienced explosive growth, with developer earnings skyrocketing over 1,750% since 2019. Over the past five years, Apple’s investments in the kingdom amount to more than 10 billion Saudi Riyals ($2.66 billion).

Riyadh recently made headlines as the first Middle Eastern city to adopt Apple Pay’s Express Mode for metro transit, adding to a roster of over 250 global cities that have integrated Apple Pay transit features.

Stock Performance: Apple’s stock closed at $242.84, showing a slight decrease of 0.08% on Friday. However, the stock has increased by 30.81% year-to-date.

Insights from Benzinga Pro indicate that the consensus price target for Apple stands at $242.26 based on assessments from 31 analysts. Targets range from a high of $300 to a low of $180. Moreover, recent analyses from Wedbush, Morgan Stanley, and Maxim Group suggest an average target of $262.67, reflecting an estimated potential upside of 8.40%.

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Disclaimer:This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.