Entity is an investment fund that’s affiliated with e-commerce firm Alibaba
eWTP Arabia has signed a deal with Saudi Arabia to build a new headquarters building in the upcoming media city in Riyadh.
The media city is taking shape in the embassies district of the capital.
The Minister of Culture Prince Badr bin Abdullah bin Farhan said an agreement has already been signed with Jerry Li, founding partner of eWTP Capital, which is backed by Jack Ma, co-founder of e-commerce firm Alibaba Group.
“An important first step to strengthen our partnerships and attract innovators from all over the world,” Prince Badr, who is also the chairman of the new media city, said on Twitter.
The minister also stated that an agreement had been reached to build a new headquarters for Saudi-controlled media group MBC, as well as a new hub for MBC-owned sister news channels Al Arabiya and Al Hadath.
Prince Badr noted that the moves are part of a series of major projects that are sponsored by the Kingdom’s leadership and that aim to benefit from Saudi Arabia’s wealth and capabilities.
He added, “The project cannot be restricted in one sector, but it has taken us to unlimited heights in all future, knowledge, media and cultural sectors.”
Prince Badr also pointed out that Riyadh was aiming to become one of the most innovative cities in the world. He concluded, “The kingdom has the means and the will to forge ahead in achieving its goals backed by a wise leadership.”