A third source confirmed that Apple was in talks with SAGIA, Saudi Arabia's foreign investment authority.
Both companies already sell products in Saudi Arabia via third parties but they and other global tech giants have yet to establish a direct presence.
Amazon's discussions are being led by cloud computing division Amazon Web Services (AWS), which would introduce stiff competition in a market currently dominated by smaller local providers like STC and Mobily.
Riyadh has been easing regulatory impediments for the past two years, including limits on foreign ownership which had long kept investors away, since falling crude prices highlighted the need to diversify its oil-dependent economy.
Luring Apple and Amazon would further Prince Mohammed's reform plans and raise the companies' profile in a young and relatively affluent market, which already boasts some of the highest internet and smartphone use in the world.
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