Yuan Yefeng, deputy director-general of the Shanghai Lujiazui Financial City Authority, and Jerry Li, founder and managing partner of eWTPA, unveil a new office for the Shanghai Lujiazui Financial City Authority alongside Gautam Sashittal, CEO of KAFD DMC, in Riyadh on Aug 17. [provided to China Daily]

Riyadh – Marking a significant milestone in Sino-Arab financial cooperation, Shanghai Lujiazui Financial City Authority, or SLFCA, has established its first office in the Middle East.

An opening event organized by eWTP Arabia Capital, or eWTPA, an investment platform with a presence in both the Kingdom of Saudi Arabia and China, was held at the eWTPA offices.

The Riyadh office of SLFCA, its second global office following the launch of a London office in 2016, will be Shanghai’s gateway to Saudi Arabia, connecting all market participants from both regions and fostering cross-border partnerships in commerce, technology, finance, and other industries, according to Shanghai Lujiazui Financial City Authority Deputy Director-General Yuan Yefeng.

Lujiazui Finance and Trade Zone is the only national-level development zone in China that specializes in finance and trade industries. Situated in Pudong New Area, Lujiazui is home to the China (Shanghai) Pilot Free Trade Zone and is the premier destination in Shanghai for investors, talent, and innovators.

At the event, eWTPA signed a strategic agreement with the Shanghai authority on developing an investment cooperation platform. The two sides aim to synergize an all-around connectivity for finance, trade, innovation, and technology, among other areas, and promote more robust exchanges in business, capital, and talent, linking China and Saudi Arabia.

An MoU was also signed by eWTPA, SLFCA, and the King Abdullah Financial District Management and Development Company, or KAFD DMC, to strengthen collaboration between the two countries’ major financial hubs: Riyadh and Shanghai.

Highlighting the importance of cross-border collaborations, the CEO of KAFD DMC, Gautam Sashittal, explained: “Partnerships like eWTPA, along with financial hubs like KAFD and SLFCA, act as catalysts in fostering businesses across borders, creating new avenues for companies to grow and tap into new markets. This strategic agreement will pave the way for meaningful engagement in the days ahead and ensure smooth working relationships for individuals and businesses alike.”

KAFD is a key driver of Riyadh’s economic ambitions and is the largest LEED-certified mixed-use business district in the world. It is owned and managed by the KAFD DMC.

Set in the heart of the Saudi capital, Riyadh, it is home to 95 buildings designed by 25 world-leading architectural companies.

KAFD features 1.6 million square meters of state-of-the-art office space, world-class facilities, and iconic luxury residences, designed to transform the way urban communities live, work, and play.

At the event, Founder and Managing Partner of eWTPA Jerry Li said: “The partnership holds immense importance for Riyadh and Shanghai, offering the potential to generate significant value.”

While Shanghai aims to utilize its expertise to support Saudi Arabia in achieving its Vision 2030, Saudi Arabia will view this newly established office as an entryway to gain insights into, and further tap into, China’s thriving industries, including commerce, technology, and finance, Li said.

And “eWTPA hopes to continue contributing to the collaborative innovation and growth between China and Saudi Arabia,” said Li.

Founded in 2019, eWTP Arabia Capital is an investment firm based in Saudi Arabia and China. To date, it has invested in more than 18 companies in the cloud and digital sector. Thirteen have already established themselves successfully in Saudi Arabia, and four are expected to be listed soon. More have emerged as industry leaders or regional unicorns since its initial $400 million Fund I.