Barcelona (CNN Business) The price tag for Huawei's foldable 5G -enabled phone, the Mate X, is downright astronomical.

The Chinese phone maker launched its new, foldable device on the eve of the Mobile World Congress, a huge gathering of the mobile industry in Barcelona. The Mate X is set to compete with Samsung's recently announced Galaxy Fold , which is priced at about $1,960 before taxes.

The cheapest version of the Mate X goes for $2,600, including taxes.

The comparisons between the Samsung and Huawei phones don't stop there.

Huawei made sure to highlight the foldable phone's 5G connectivity, a technology at the center of its quest for global dominance in the smartphone market. Samsung will offer a version with 4G and a version with 5G.

At 8 inches, Huawei's phone folds out to a larger screen than Samsung's Galaxy Fold, which extends to 7.3 inches.

In phone mode, Huawei comes in around 6.6 inches and the Samsung at 4.6 inches. But the Mate X is only 11 millimeters thick when folded, much thinner than Samsung's 17 millimeter Galaxy Fold.

Phone makers have begun rolling out foldable phones with a bang, but analysts remain skeptical.

"No matter how innovative and technology advanced the new device is, it will take a lot more time for a critical mass of consumers to experience the benefits of foldable phones and 5G technology," said Thomas Husson, an analyst at Forrester.

Samsung and Huawei are convinced that phones that act like tablets will catch on.

You might dismiss foldable phones like the new Huawei Mate X as just a gimmick. But all you have to do is look at all the people on airplanes who choose to watch movies holding up their phones to realize there's pent-up demand for tablet-size viewing on a phone. pic.twitter.com/xOSg2sS9Jc — Samuel Burke (@samuelcnn) February 24, 2019

The Huawei launch drew huge crowds. Fans queued outside the venue hours before the kickoff and those who couldn't get in watched the event outside on a big screen. At times, they burst into excited applause.

"The Mate X clearly shows that Huawei is a technology innovation leader," Husson said. "The new device has nothing to envy to Samsung's latest Galaxy Fold announcement," he added.

Huawei launched the Mate X fin Barcelona on Sunday.

You can see what you look like in a photo as its being taken with new Huawei foldable phone #TheNotSelfie / Puedes ver la foto de ti mismo mientras se toma con el nuevo móvil plegable de Huawei pic.twitter.com/TychQZfzq4 — Samuel Burke (@samuelcnn) February 24, 2019

Huawei did not make the new phones available for analysts and journalists were only allowed to peer at the devices through glass walls, which were closely watched by security guards.

Samsung said it expects to launch the Galaxy Fold on April 26. Huawei didn't give a date yet.

Just in case you were wondering how does the #MateX compare to the #SamsungFold, Huawei has the answer handy. pic.twitter.com/ur2qgFH8wZ — Ivana Kottasová (@IvanaKottasova) February 24, 2019

Huawei made no secret of the fact it is comparing itself to Samsung.

The South Korean rival holds the crown as the world's biggest smartphone maker, and Huawei is keen to snatch it.

At one point during the Huawei launch, the two products were compared side by side on a huge screen.

One thing Huawei didn't mention at the event were the recent US accusations over security.

The United States claims that Huawei poses a potential national security threat. Last month, US prosecutors revealed criminal charges against the company, alleging that Huawei stole trade secrets and worked to skirt US sanctions on Iran.

Huawei strongly denies the claims and is trying hard to persuade the world to use its 5G technology and not cave to pressure from Washington.

"This is not something that should be decided by politics," Huawei's chairman Guo Ping said on Sunday, ahead of the formal start of Mobile World Congress.

Guo also said that Huawei must abide by Chinese law and the company "will never, and dare not, and cannot violate any regulations," in any country where it operates.