Shanghai Lujiazui Financial City opens new office in Riyadh
RIYADH, August 20, 2023
Chinese group Shanghai Lujiazui Financial City Authority is set to open its first regional office at the King Abdullah Financial District (KAFD) in Riyadh, Saudi Arabia. This is its second global unit following the London office launch in 2016.
Lujiazui Finance & Trade Zone is the only national-level development zone in China that specifies in finance and trade industries.
Lujiazui is situated in Pudong New Area, home to the China (Shanghai) Pilot Free Trade Zone and the premier destination in Shanghai for investors, talents, and innovators.
Supported by eWTPA, the Riyadh office of SLFCA will serve as Shanghai’s primary gateway to Saudi Arabia. It will operate as an official platform, connecting all market participants from both regions and fostering cross-border partnerships in commerce, technology and finance and other industries.
The announcement was made at an event organized by eWTP Arabia Capital (eWTPA), an investment platform in KSA and China, at its Riyadh office.
During the event, eWTPA also signed a strategic agreement with SLFCA on developing an investment cooperation platform.
The two sides aim to synergize an all-round connectivity from finance, trade, innovation and technology, among others, and promote more robust exchanges in business, capital and talents linking China and Saudi Arabia.
An MoU was also signed by eWTPA, SLFCA and the King Abdullah Financial District Management & Development Company (KAFD DMC) to strengthen collaborations between the two countries’ major financial hubs, Riyadh and Shanghai.
Highlighting the importance of cross-border collaborations, KAFD DMC Chief Executive Officer Gautam Sashittal said: "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," he stated.
KAFD is a key driver of Riyadh’s economic ambitions and is the largest LEED certified mixed-use business district in the world.
Owned and managed by King Abdullah Financial District Management & Development Company, KAFD is set in the heart of the Saudi capital Riyadh and home to 95 buildings designed by 25 world-leading architectural firms.
It features 1.6 million sq m of state-of-the-art office space, world-class facilities, and iconic luxury residences, designed to transform the way urban communities live, work, and play.
Founder and Managing Partner of eWTPA Jerry Li said 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.-TradeArabia News Service
