Riyadh – Asdaf News:
Shanghai Lujiazui Financial City Authority (SLFCA) announced the opening of its new office in King Abdullah Financial District (KAFD) in Riyadh and its first office in the Middle East.
The only national-level development zone in China that focuses on the finance and trade industries is Lujiazui Finance & Trade Zone. The China (Shanghai) Pilot Free Trade Zone and the city’s top attraction for entrepreneurs, talent, and investors are both located in Pudong New Area, where Lujiazui is located.
At the occasion, eWTPA and SLFCA signed a strategic agreement for the creation of an investment platform. The two parties want to strengthen commercial, money, and talent interactions between China and Saudi Arabia by synchronising connectivity across a range of sectors, including banking, trade, innovation, and technology.
A Memorandum of Understanding (MoU) was also signed by eWTPA, SLFCA, and the King Abdullah Financial District Management & Development Company (KAFD DMC) to improve partnerships between Shanghai and Riyadh, the two countries’ principal financial centres.
The SLFCA’s Riyadh office will act as Shanghai’s main entry point into the Kingdom of Saudi Arabia with the assistance of eWTPA. It will function as an official forum, bringing together all market participants from both areas and promoting international collaboration in business, technology, finance, and other sectors.
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.”
The largest LEED-certified mixed-use business area in the world, KAFD is a major force behind Riyadh’s aspirations in terms of its economy. The KAFD DMC is the owner and manager of it. 95 buildings totaling 1.6 million square metres of modern office space, first-rate amenities, and iconic luxury residences make up the KAFD complex, which is located in the centre of the Saudi capital Riyadh and was created by 25 of the world’s top architectural firms. KAFD is intended to revolutionise the way urban communities live, work, and play. A 22-kilometer journey from King Khalid Airport, KAFD is the world’s largest LEED-certified mixed-use business area and a major force behind Riyadh’s economic aspirations. The King Abdullah Financial District Development and Management Company (KAFD DMC) owns and operates it.
Jerry Li, Founder and Managing Partner of eWTPA, emphasized the robust Saudi-China relations “The partnership holds immense importance for Riyadh and Shanghai, offering the potential to generate significant value. Shanghai aims to utilize its expertise to support Saudi Arabia in achieving its Vision 2030. In return, 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.”
He added that “eWTPA hopes to continue contributing to the collaborative innovation and growth between China and Saudi Arabia.”
The event was organized by eWTP Arabia Capital (eWTPA), an investment platform in KSA and China, was held at eWTPA’s Riyadh office.
