China's Shanghai Lujiazui Financial City Authority (SLFCA) has opened its representative office in Riyadh as a commercial investment gateway to access the Middle East markets.
Lujiazui Finance and Trade Zone is the only national-level development zone in China that focuses on the finance and trade industries.
China (Shanghai) Pilot Free Trade Zone and the city's top attraction for entrepreneurs, talent, and investors are in Pudong New Area, where Lujiazui is located.
A high-ranking delegation from the Lujiazui Financial City Authority in Shanghai visited the King Abdullah Financial District (KAFD) and announced the establishment of the first office in the Middle East and the second in the world after the London office in 2016.
eWTP Arabia Capital, a venture capital investment firm based in Riyadh City with a branch office in Beijing, organized the event.
- Modern techniques
During the event, eWTPA signed a strategic agreement with the Lujiazui Financial City Authority to stimulate comprehensive cooperation in commercial, money, and talent interactions between China and Saudi Arabia by synchronizing connectivity across various sectors, including banking, trade, innovation, and technology.
A Memorandum of Understanding (MoU) was also signed by eWTPA, SLFCA, and KAFD District Management and Development Company (KAFD DMC) to improve partnerships between Shanghai and Riyadh, the two countries' principal financial centers, and open new horizons for strategic cooperation.
With the support of eWTPA, the Riyadh office of the Lujiazui Financial City Authority will become the main gateway connecting Shanghai to the Kingdom.
The office will become an official platform linking all stakeholders in the markets of the two countries and strengthening partnership relations in trade, modern technologies, finance, and other sectors.
- Stimulating the private sector
KAFD DMC CEO Gautam Sashittal stressed the importance of cooperation between the Kingdom and China, pointing out that effective partnership models are incentives that enhance business and pave the way for companies to grow and benefit from 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," Sashittal added.
For his part, founder and managing partner of eWTPA Jerry Li told Asharq Al-Awsat that the Kingdom will be the first stop to expand the Lujiazui Financial City Authority in the Middle East.
The Authority chose Riyadh as the first stop to launch into the regional region in light of the rapidly developing Saudi-Chinese economic relations, said Li.
- Double the business turnover
Li continued that opening the office in Riyadh helps double the trade movement between the two countries and accelerates the pace of private investments.
Li added that the partnership is essential to Riyadh and Shanghai and has promising potential to generate significant value.
He revealed Shanghai's desire to harness its expertise to support the Kingdom in achieving Vision 2030 and that SLFCA's office is an entry point that allows in-depth knowledge of and benefits from the thriving Chinese sectors, such as trade, modern technologies, and money.
