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China, Saudi Arabia sign investment agreement on gaming sector

By Willa Wu and Wen Zongduo | | Updated: 2022-12-09 07:28
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Saudi Minister of Investment Khalid Al Falih (right, back row) and Minister of Communications & Information Technology Abdullah Alswaha (second right, back row) late on Dec 8 witness the signing of a landmark digital deal in the Ministry of Investment in Riyadh. [Photos provided to China Daily]

RIYADH - On behalf of OneMT, the leading Chinese gaming company, Jerry Li, founding partner of eWTP Arabia Capital (eWTPA), signed an investment agreement with Deputy Minister of Investment, Eng. Saleh Khabti late on Dec 8 in the Ministry of Investment in the Saudi capital.

Minister of Investment His Excellency Khalid A. Al-Falih, and Minister of Communications & Information Technology His Excellency Abdullah Alswaha attended the signing ceremony.

The agreement marks that OneMT and eWTPA's collaboration with MISA, MCIT and SAFSCP has come to a whole new level, which could potentially boost the Kingdom's gaming sector and cement the Kingdom's position as a gaming hub in the MENA region, said Jerry Li.

Both ministers Al Falih and Alswaha noted the deal is a new sign of Saudi attraction for digital businesses and of its increasingly sound environment for foreign investments.

Participants take a group picture at a ceremony marking the agreement of Saudi Ministry of Investment with OneMT. [Photos provided to China Daily]

The Kingdom aspires to support its gaming and entertainment industry with the launch of Vision 2030. By offering incentives such as tax support and other measures, Saudi Arabia has successfully secured OneMT's commitment to relocate its regional headquarter to the Kingdom and consummate its IPO in Tadawul within the agreed period.

These incentives will support OneMT to localize game studios, train local talents, boost Saudi strength and increase R&D expansion.

As OneMT's investor and strategic partner, eWTPA has become a promoter of its collaboration with Saudi ministries since its chairman's first visit to the Kingdom in 2020, Li said.

The past two days has seen about 35 initial agreements and memoranda of understanding inked between Chinese and Saudi partners with billions of total investment.

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