Wednesday, September 30, 2020

Alibaba-backed fund to build HQ in Saudi media city

DUBAI/RIYADH, Feb 4 (Reuters) – Saudi Arabia has signed an agreement with a fund linked to China’s Alibaba to build a new headquarters in a “media city” in the kingdom’s capital, the Saudi minister of culture said on Tuesday.

The minister, Prince Badr bin Abdullah bin Farhan, said on Twitter that he signed the agreement with Jerry Li, founding partner of eWTP Capital, which is backed by Jack Ma, head of e-commerce giant 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.

Saudi Arabia, the world’s largest oil producer, has struggled to attract tech giants such as Google and Amazon, which it has courted as part of the kingdom’s push to diversify its oil-reliant economy.

The minister also said 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.

The media city will be in the embassies district of Riyadh, state TV said on Twitter.

It will be in competition with Dubai Media City in the United Arab Emirates. The Dubai project is the region’s leading media hub and where MBC Group is currently headquartered. (Reporting by Yousef Saba in Dubai and Stephen Kalin in Riyadh Additional reporting by Nayera Abdallah in Dubai Editing by David Goodman)

Latest Posts

The history of Prime Day

Amazon’s annual Prime Day event is back in time for the holidays on October 13-14. The two-day shopping event delivers Prime members incredible savings...

H.H. Sheikh Abdullah due to address UN General Assembly

Tuesday, September 29th, 2020 6:48am WAM His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of...

Employed persons in UAE account for 97.8% of working age population

ABU DHABI: The number of employed persons in the UAE accounted for 97.8 percent of the country's working age population by the end of...

ADNOC Logistics and Services secures 25-year service contract

Adnoc Logistics and Services (Adnoc L&S), the shipping and maritime logistics unit of Abu Dhabi National Oil Company, has secured a 25-year agreement to...

Don't Miss

Abu Dhabi: Students undergo free COVID-19 testing for new academic year

Image credit: AFP- Advertisement - Hundreds of high school students in Abu Dhabi who opted to attend in-person classes were required to undergo COVID-19...

Microsoft is now rolling out LinkedIn stories for users in the U.S. and Canada

In an effort to make it easier for the users to share what’s happening in their professional life, Microsoft is now rolling out the...

Did You Know Emirates Offers A Student Discount?

Emirates has launched a campaign to make it a little cheaper for students to travel with the company. Whether students are going to the country...

Koko Bay – Bringing Bali to Dubai

Bali is world renowned for its beach culture, chill vibes and excellent food. If you’ve never been, fear not, because a piece of Bali...

1,484 – The UAE’s Highest Restaurant

UAE is home to some of the world’s tallest buildings. Now the UAE has its highest  restaurant. 1484 by Puro, is set to...

Stay in touch

To be updated with all the latest news, offers and special announcements.

%d bloggers like this: