- Saudi-China Entrepreneur Association to help 100 Chinese companies enter Saudi Arabia and 20 Saudi Arabian companies enter China in the next two years
Riyadh, Saudi Arabia:– His Excellency Eng. Abdullah Al-Swaha, Minister of Communications and Information Technology of Saudi Arabia, led a high-profile delegation from the Kingdom to Greater China, solidifying advancements in investment and knowledge-sharing around technology innovation.
The weeklong itinerary included trips to Hong Kong, Shenzhen and Beijing where they visited companies like Huawei, Meituan, and some of China’s aerospace technology companies. During the trip, HE Eng. Al-Swaha held high level meetings with Chinese government representatives including Jin Zhuanglong, Minister of Information Industry and Information, Yin Yong, Mayor of Beijing, John Lee, Chief Executive of Hong Kong SAR, and Professor Dong Sun, Secretary for Innovation, Technology and Industry at the HKSAR government, as well as delegations from several provincial governments.
He also met with senior executives of leading enterprises and investment institutions, including Nicolas Aguzin, CEO of Hong Kong Exchanges and Clearing (HKEX) and Jerry Li, Founder & Managing Partner of eWTPA and the Director-General of the Saudi Arabia-China Entrepreneurs Association (SCEA).
The visit, which resulted in new and strengthened strategic collaborations, positions Saudi Arabia and China together at the forefront of a new global, digitally driven bloc. As the trip concludes, the Ministry of Communications and Information Technology (MCIT) and eWTP Arabia Capital (eWTPA) stand as the driving forces behind this transformative endeavor, strengthening the ties between the two nations.
One of the highlights was the "One Gateway, Shared Vision - Hong Kong Special Administrative Region x Kingdom of Saudi Arabia" event, hosted in Hong Kong by eWTPA in partnership with the Hong Kong Science and Technology Parks Corporation (HKSTP). HE Minister Al-Swaha's visit served to strengthen bilateral ties, explore technological opportunities, and align China’s Belt and Road Initiative with the transformative goals of Saudi Vision 2030.
SCEA To Foster Cross Border Partnerships
During this visit, the Saudi Arabia-China Entrepreneurs Association inaugurated its new office in Hong Kong. The office will serve as a hub for knowledge exchange and business opportunities, further cementing the Sino-Arab relationship.
The SCEA was established with the support of the MCIT and was founded during the LEAP conference in Riyadh, Saudi Arabia, earlier this year. Chief Executive of Hong Kong, John Lee, acknowledged and appreciated the contributions of the SCEA and expressed gratitude towards eWTPA for strengthening ties between Saudi-Arabia and Hong Kong SAR.
The signing of 11 Memoranda of Understanding (MoUs) between the Saudi Arabia-China Entrepreneurs Association (SCEA) and companies such as Aerosim (HK) Limited, D-Engraver Limited, and XtalPi marked a significant milestone during the trip.
These agreements solidify the commitment of these companies to establish or expand their presence in Saudi Arabia, whilst actively engaging the dynamic ecosystem fostered by the association. With MCIT and eWTPA serving as primary facilitators, these partnerships will drive mutually beneficial collaborations in innovation and technology, promoting advancements in key sectors between KSA and China.
Jerry Li, Founder & Managing Partner of eWTPA and the Director-General of the SCEA underscored the pivotal role that Hong Kong plays in facilitating collaboration between Greater China and Saudi Arabia. Li emphasized the shared vision of MCIT and eWTPA to empower Hong Kong's leading financial and technology companies, enabling them to establish a prominent foothold in Saudi Arabia. He also emphasized that the aim of the SCEA is to assist 100 Chinese companies to be able to enter the KSA market and for 20 Saudi Arabian companies to be able to enter China in the next two years.
“This strategic partnership aligns with Saudi Arabia's Vision 2030, promotes economic diversification, and facilitates the listing of companies from both nations on the stock exchanges of Saudi Arabia and Hong Kong. HE Minister Al-Swaha emphasized the significant role of Saudi Vision 2030 as a driving force behind the trip. The transformative vision aims to diversify Saudi Arabia's economy and fuel technological advancements, with innovation and technology serving as key pillars. The collaboration with eWTPA and MCIT is a testament to Saudi Arabia's commitment to achieving these ambitious goals,” Li said.
The delegation also experienced the ‘Saudi Night’ event held in Beijing and jointly hosted by MCIT and eWTPA. The evening highlighted the strong ties between the China and Saudi Arabia and how the two countries would continue to support each other to foster economic growth. HE Eng. Abdullah Al-Swaha, Saudi Minister of Communications and Information Technology, was joined by HE Eng. Saleh Khabti, the Deputy Minister of Investment, and HE Abdulrahman Alharbi, Ambassador of the Kingdom of Saudi Arabia to China. Over 100 representatives from leading Chinese companies across various industries were also present.
About eWTP Arabia Capital
Founded in 2019, eWTP Arabia Capital (“eWTPA”) is an investment firm based in Saudi Arabia and China. Backed by marquee investors Public Investment Fund (PIF) and eWTP Capital, the firm helps create robust local digital ecosystems in the MENA region by partnering with market leading Chinese businesses and providing a gateway for these companies to establish a strong and sustainable presence in the region. To date, eWTPA has invested in approximately 20 companies in the cloud and digital sector, 13 of which have already established themselves successfully in KSA, and 4 of which are expected to be listed soon, more have emerged as industry leaders or regional unicorns, since its initial US$400 million Fund I. The firm has directly and indirectly created more than 10,000 jobs in the Saudi Arabia through its investments. eWTPA’s portfolio span across enterprise services, cloud services, cyber security, fintech, cross-border supply chain, retail and consumer, e-commerce, logistics and digital entertainment, within the GCC and MENA region.
As a Chinese pioneer in Saudi Arabia and professional investment institution, eWTPA has gradually become a bridge for industrial collaboration and cross-border investment between China and the Middle East. In 2023, supported by the Ministry of Communications and Information Technology of Saudi Arabia, eWTPA announced its plan for the Saudi Arabia-China Entrepreneurs Association. As the founding member of SCEA, eWTPA will continue to foster partnerships in the world of technology and finance between China and the Middle East, making Saudi Arabia’s “Vision 2030” and China’s “Belt and Road Initiative” a shared version benefiting all.