Tuesday, April 3, 2018

Report: Snap To Set Up Offices In Saudi Arabia

A report, published Tuesday by CNBC, says Venice, California-based Snap is in advanced talks to set up a new office in Saudi Arabia. The report said the move is related to an effort by Saudi Arabian Crown Prince Mohammed bin Salman to help train Saudi youth to develop content for the market. Saudi Arabia appears to be in talks with a number of Southern California companies to link their technology back to the kingdom; just this morning, the Virgin Galactic and Virgin Hyperloop One, along with the Kingdom of Saudi Arabia said they had "extended their relationship and investment deal" where Saudi Arabia would invest more than $1 billion in Virgin's various companies, all based in Southern California. Details on the rumored deal between Snap and Saudi Arabia have not been released, and it's unclear what, if any, investment by the kingdom would be made in Snap, the parent firm of Snapchat.