Riyadh – Mubasher: Saudi Arabia and China have launched eWTP Arabia Capital Fund with a capital standing at SAR 1.5 billion, state-run news agency SPA reported.

The fund aims to support emerging technology companies in Saudi Arabia. The launch of the fund was in partnership between the Chinese eWTp that is backed by Alibaba and the Kingdom’s Public Investment Fund (PIF) with the support of the Saudi Federation for Cybersecurity, Programming, and Drones to contribute to supporting a solid economic system for digital business in the Kingdom.

Alibaba Cloud, the digital tech arm of Alibaba Group, aims to cooperate with local partners in the region over the coming five years. It aims to cover the fields of academies, training, and innovation centers in Saudi Arabia to build and develop capabilities in technological fields.