Asia Tech Wire (Aug 16) -- Chinese PC maker Lenovo aims to grow its Middle East business from $1.2 billion to $6 billion in three years.

Lenovo Group on Thursday disclosed for the first time details related to its previous large investment from a Middle Eastern sovereign wealth fund.

In late May, Lenovo announced a strategic partnership with Alat, a wholly owned subsidiary of Saudi Arabia's Public Investment Fund (PIF).

Under the partnership, Alat proposed to provide Lenovo with a $2 billion interest-free convertible bond investment.

Lenovo's chief financial officer Wong Wai Ming disclosed that the size of Lenovo's Middle East business is currently around $1.25 billion, accounting for about 2% of the company as a whole.

Yang Yuanqing, chairman and CEO of Lenovo Group, even gave a direct target, "Our goal is that through this strategic cooperation, the Middle East business reaches close to 10% of the total revenue of the whole Lenovo, that's $6 billion, which is pretty impressive."

According to its latest financial report, Lenovo achieved revenue of $15.447 billion in the first quarter ended June 30, 2024, up 20% year-on-year, and net profit of $243 million, up 38% year-on-year.