Saudi Arabia-China Entrepreneurs Association signs MoU with Hong Kong Trade Development Council

HONG KONG SAR - Media OutReach - 16 September 2023 - Saudi Arabia-China Entrepreneurs Association has signed a Memorandum of Understanding (MoU) with Hong Kong Trade Development Council ("HKTDC") to promote trade and business between Hong Kong and Saudi Arabia. The MoU was signed during the eighth Belt and Road Summit on 13^th September 2023, which was jointly organized by the Hong Kong Special Administrative Region Government and the HKTDC. Under the theme of "Ten Years of Cooperation for Mutual Benefit," the summit spanned two days and attracted nearly 6,000 government officials, business leaders, and entrepreneurs from almost 70 countries and regions. Over 100 delegations from overseas and Mainland China participated in various summit activities.

This year's summit explored opportunities in emerging markets along the Belt and Road Initiative, particularly the Middle East markets and the South East Asia markets. In his opening speech, Mr. John Lee, the Chief Executive of the Hong Kong Special Administrative Region, expressed his belief in the potential of the Association of Southeast Asian Nations (ASEAN) and Middle East regions. Since the full implementation of customs clearance this year, he has led business and professional delegations to visit these two regions twice, resulting in fruitful outcomes. Li cited his visit to the Middle East in February as an example, highlighting substantial achievements such as Hong Kong companies providing hydrogen-powered cars and refueling stations, offering energy-saving and environmental services, and planning cooperative ventures in the hotel industry. These accomplishments reflect the diverse business opportunities in the Middle East.

The Middle Eastern countries are key partners of the Belt and Road Initiative, providing extensive cooperation opportunities and potential for economic, trade, and infrastructure development with China. Focusing on the new opportunities, developments, and collaborations that the Middle East market offers under the Belt and Road Initiative, this year's summit boasts the largest number of Middle Eastern guests in its history. Among them are notable figures such as Rania A. Al-Mashat, Minister of International Cooperation of the Arab Republic of Egypt, and Abdulla Bin Touq AlMarri, Minister of Economy of the United Arab Emirates, along with several Middle Eastern enterprises.

During the roundtable discussion at the Middle East session, Jerry Li, Founding Partner of eWTP Arabia Capital and Director-General of the Saudi Arabia-China Entrepreneurs Association, remarked, "The Middle East and Hong Kong are full of potential for cooperation and mutual benefit in the fields of finance, new energy, and digital technology. The Middle East has set numerous development goals to achieve its 2030 vision, while Hong Kong possesses world-class financial and technological talents, as well as industry clusters. Collaboration between the two parties will not only diversify the Middle East's economy but also enhance Hong Kong's international influence and reshape its position as a global financial center."

During the Belt and Road Summit, Saudi Arabia-China Entrepreneurs Association (SCEA), a non-profit organisation initiated by eWTP Arabia Capital to boost cooperation between the private sectors in Saudi Arabia and China, has signed a Memorandum of Understanding (MoU) with the HKTDC. The MoU aims to strengthen the commercial and economic ties between Hong Kong and the Middle East regions, particularly start-ups and service providers looking to expand beyond their countries of origin.

Since its establishment, Saudi-China Entrepreneurs Association (SCEA) has been committed to becoming a vital bridge between Hong Kong and the Middle East. In February this year, Chief Executive Mr. John Lee visited the Middle East and expressed his support towards the establishment of the SCEA in Saudi Arabia. In July, the SCEA officially announced the establishment of its first Asian office in Hong Kong and signed a MOU to cooperate with 11 Mainland China and Hong Kong companies and facilitate their entry in the Saudi market. Additionally, the SCEA assisted in facilitating the visit of His Excellency Engineer Abdullah Al-Swaha, the Saudi Minister of Communications and Information Technology, to Hong Kong in July, further enhancing cooperation between the two parties.

Operated by SCEA, eWTP Arabia Capital has established deep partnerships with the Hong Kong government, major financial institutions, industrial companies, and technological innovation platforms in Hong Kong since Chief Executive Mr. John Lee's visit to the Middle East in February. Supported by the HKTDC, eWTP Arabia Capital has hosted more than 100 partners from various industries in Hong Kong, including real estate, finance, trade, technology innovation, and healthcare. Currently, eWTP Arabia Capital is actively facilitating the establishment of these institutions and companies' presence in Saudi Arabia.

eWTP Arabia Capital has invited a Saudi business delegation to attend the Belt and Road Summit and showcase their products during the pitch sessions in a bid to facilitate connections with investors in Hong Kong. The delegation comprises COFE, a Kuwait-originated company that offers an online marketplace for coffee enthusiasts, Advanced Communications & Electronic Systems Company (ACES), a Saudi Arabia-based digital infrastructure company, and Navigator Consulting, a Saudi Arabia-based strategic consulting company. They were represented by Ali Al Ebrahim, Founder and CEO of COFE, Akram Aburas, CEO and Founder of ACES, and Alfred Wang, CEO of Navigator Consulting.

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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 over 18 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. 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.