Riyadh, Saudi Arabia - The Saudi Arabia-China Entrepreneur Association (SCEA) was officially launched today at the LEAP 2023 conference in Riyadh, bringing together top government entities, enterprises, NGOs, and academic institutions from both countries. SCEA is a non-profit organization supported by the Ministry of Communications and Information Technology (MCIT), the Saudi Federation for Cybersecurity, Programming, and Drones (SAFCSP), and operated by eWTP Arabia Capital (eWTPA).

With over 100 founding members, including STC, Alibaba Cloud, China Mobile, Tencent, and others, SCEA aims to promote constructive engagement between business leaders in Saudi Arabia and China. Additionally, it aims to encourage cross-border investment, foster innovation, and promote social responsibility and public welfare. The association will serve as a valuable platform for members to share insights, collaborate, and exchange best business practices.

Commenting on the launch of SCEA, Faisal Al-Khamisi, Chairman of SAFCSP, said, "China is a strategic partner for Saudi Arabia in terms of technology and innovation. Having worked closely with Alibaba and eWTPA for the last three years, I highly appreciate their efforts in contributing to the development of our local digital ecosystem. This association will take our collaboration to the next level and provide the broader Saudi-China business community with a forum to share valuable experiences."

Jerry Li, Founder and Managing Partner of eWTPA, Chairman of the SCEA added, "In line with Saudi Arabia's 2030 Vision, SCEA will enable cross-border investments and valuable collaborations."

Mohammed bin Albaakhail, Vice President of STC Group, said, "We are delighted to join the SCEA and look forward to more cooperation with Chinese companies and partners."

LI Tong, CEO of BOC International Holdings Limited, added, “As an international and integrated national investment bank, BOCI is pleased to join the SCEA, and we will strengthen the integration between the China and Saudi markets within the equity and debt markets as well as investment and M&As, by providing financial services to the association's member companies,"

The launch of SCEA marks a significant milestone in the growing private sector engagement between China and Saudi Arabia, following President Xi's recent state visit to the country. John Lee, Chief Executive of Hong Kong Special Administrative Region, participated in the launch event along with a delegation of senior government officials and business executives from Hong Kong.

SCEA will play a pivotal role in driving continued progress and contributing to the digital transformation of both Saudi Arabia and China. The establishment of the association reflects the growing private sector engagement between the two countries and marks an exciting new chapter in the nations’ bilateral relationship.

About eWTP Arabia Capital

Founded in 2020, eWTP Arabia Capital (eWTPA) is a venture capital firm based in Riyadh, Saudi Arabia, anchored by the sovereign wealth fund of Saudi Arabia, Public Investment Fund (PIF) and eWTP Capital (Electronic World Trading Platform). The investment platform develops robust digital ecosystems in emerging markets by bringing together proven global expertise, strategic partnerships, advanced technology solutions and industry insights to local players across the Middle East and Africa region. Since its starting US$400 million Fund I, the venture has invested in 16 companies within the digital sector, a volume of which are operating in Saudi Arabia. eWTPA offers comprehensive support to its portfolio companies, empowering them to explore and succeed in regional and international markets.

For more information, visit www.ewtparabia.com or contact:
Hazem Beshr - Redhill Middle East & Africa