Shanghai Lujiazui Financial City Establishes Office in Riyadh, Second Global Branch Following London
August 17, 2023 – Shanghai Lujiazui Management Bureau has officially announced the establishment of its first office in the Middle East region, situated in Riyadh, Saudi Arabia. This marks their second global office after the one set up in London in 2016. The move signifies a pivotal step in fostering economic and financial ties between Shanghai’s Lujiazui Financial City and the Middle East, with a specific focus on Riyadh’s Abduallah Financial District and eWTP Arabia Capital.
The primary objective of Lujiazui Financial City’s Riyadh office is to facilitate bilateral cooperation between Shanghai’s Pudong New Area and Saudi Arabia across various sectors including trade, finance, and innovation. With an emphasis on pivotal domains like finance, smart manufacturing, new energy, medical technology, supply chain trade, logistics technology, big data industries, and smart city operations, the office seeks to establish a collaborative platform to drive domestic enterprises’ international expansion and attract foreign investments to Pudong. The office will leverage its presence to organize and participate in diverse events, forums, and networking sessions to introduce Lujiazui’s strengths to Saudi business institutions and government investment funds, thereby elevating its brand value and international influence.
In collaboration with eWTP Arabia Capital, Lujiazui Management Bureau aims to develop a platform for interactivity and cooperation between the two markets, facilitating cross-border investments and joint ventures. Leveraging the network and resources established by eWTP Arabia Capital in Saudi Arabia and the financial institutions and industry ecosystem of Lujiazui Financial City, the partnership aims to align Pudong New Area and Saudi Arabia in comprehensive cooperation spanning finance, trade, innovation, and talent exchange.
Jerry Li, Founder and Managing Partner of eWTP Arabia Capital, expressed his views on the cooperation, highlighting the substantial potential for collaboration between Lujiazui Financial City, Abduallah Financial District, Riyadh, and Shanghai. Li emphasized Shanghai’s capabilities in terms of production capacity, talent resources, and innovative technologies that can contribute to realizing Saudi Arabia’s Vision 2030. Simultaneously, the Riyadh office offers Saudi Arabia a window to delve deeper into China’s business, technological, and financial development, fostering increased investment in China.
Abduallah Financial District, situated where Lujiazui Financial City’s Riyadh office is located, mirrors the strategic positioning of Lujiazui as Riyadh’s exclusive financial center. Fully owned by the Saudi sovereign fund, the Public Investment Fund (PIF), Abduallah Financial District aims to attract multinational corporations and financial institutions globally. Its iconic PIF Tower, reaching 385 meters, stands as Saudi Arabia’s tallest building.
Among the enterprises present in the district are PIF, the guiding mother fund of PIF (JADA), eWTP Arabia Capital, Saudi Cloud Computing Company (SCCC), and Venture Capital Fund Company (VCFC).
Gautam Sashittal, CEO of KAFD DMC, acknowledged the catalytic role played by financial districts like Lujiazui and Abduallah Financial District, along with investment platforms like eWTP Arabia Capital, in cross-border collaborations. He noted that this strategic agreement will mark the beginning of a deepened cooperation between Shanghai and Riyadh.
In alignment with Saudi Arabia’s Vision 2030 and its ongoing industrial transformation, Saudi Arabia’s needs in digital economy, infrastructure development, new energy, smart manufacturing, and healthcare are well-matched with Shanghai’s “3+6” industrial pattern, bolstered by a multitude of premium enterprises, cutting-edge talent, robust production capacity, and innovative technology. This convergence greatly amplifies the potential for cooperation between the two sides across commerce, technology, and finance sectors.