Saudi Arabia said it has signed an agreement with eWTP Arabia, an investment fund affiliated with China’s e-commerce giant Alibaba, to build a new headquarters in the upcoming media city in the capital Riyadh.

Announcing this on twitter, Minister of Culture Prince Badr bin Abdullah bin Farhan said he had  already signed an agreement with Jerry Li, founding partner of eWTP Capital, which is backed by Jack Ma, head of e-commerce giant Alibaba Group, in this regard.

“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.

The minister also revealed that 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, he added.

Prince Badr said that it is part of a series of major projects that are sponsored by the Kingdom’s leadership and that aim to benefit from Saudi Arabia’s wealth and capabilities.

"The project cannot be restricted in one sector, but it has taken us to unlimited heights in all future, knowledge, media and cultural sectors," he remarked.

Prince Badr pointed out that Riyadh was aiming to become one of the most innovative cities in the world.

"The kingdom has the means and the will to forge ahead in achieving its goals backed by a wise leadership," he added.-TradeArabia News Service