Riyadh, 18 September 2024 – eWTP Arabia Capital, the first international private equity firm to establish an Asia-Saudi cross border investment platform, has rebranded as ‘ewpartners’ as it celebrates seven years in the Kingdom.
Since it was launched in Riyadh in 2017, ewpartners has raised and fully deployed USD 400 million for its Fund I and is targeting USD 1 billion for Fund II as a result of strong investor interest.
Backed by the Public Investment Fund of Saudi Arabia (PIF), ewpartners has 18 portfolio investments and has created more than 6,500 jobs for a Saudi workforce which is young, skilled, and poised to drive the Kingdom’s economy.
Through its funds, ewpartners invests across the spectrum of Infrastructure & Logistics, Fintech, Technology/ICT, Tourism, Gaming/Esports, New Energy, Healthcare, Consumer, and Agriculture – all with a focus on technological and digital upgrading. By establishing and maintaining the Kingdom’s position at the forefront of technological excellence, and through its contribution to building a high-performing, growing workforce, ewpartners has been a key contributor in bolstering the Saudi economy, helping ensure the future of the country is driven by its own people.
The rebrand now symbolises a broadening out of its initial focus to include investments into the wider region. The ‘east west’ wording incorporated into ewpartners symbolises the transfer of knowledge and investment that the company facilitates between Asia and the Middle East.
Speaking at an event held at ewpartners’ offices in the King Abdullah Financial District (KAFD) to celebrate the new brand, ewpartners Founder and Managing Partner Jessica Wong said:
“We were the first cross–border investment platform to establish ourselves in the Kingdom of Saudi Arabia and our first-mover advantage has meant the last seven years has been a period of great success for us. Thanks to ongoing support from our investors we have been able to facilitate the transfer of knowledge and opportunity between Asia and Saudi - the sharing between East and West - and make significant strides in fostering economic growth in the Kingdom through strategic investments across a range of industries.”
“As we launch our new brand here in the KAFD we are excited to renew our commitment to the Kingdom, as well as signal our intention towards the wider Middle East. We have already identified a pipeline of opportunities and we look forward to acting on that as we contribute towards the region’s vision of connectivity, growth, and global prominence.”
Also at the event, held to celebrate the rebrand, was Mr. Talal Albakr, CEO of SCCC (Saudi Cloud Computing Company), a portfolio company of ewpartners and a joint venture with stc Group, Alibaba Cloud, SCAI (Saudi Company for Artificial Intelligence), and SITE (Saudi Information Technology Company).
“We are pleased to celebrate ewpartners' rebranding and their seven-year milestone in Saudi Arabia. Our partnership with ewpartners has been a valuable aspect of our journey, enabling us to leverage strategic investments and collaborative opportunities. Together with industry leaders like stc Group, Alibaba Cloud, SCAI, and SITE, SCCC has been able to advance our mission of providing secure and innovative cloud computing solutions. We look forward to continuing our collaboration to support Saudi Arabia’s economic diversification and digital transformation.” said Mr. Talal Albakr.
He was joined by Mr. Steven Chou, Chairman at Sahm Capital, also a portfolio company, on a panel on the importance of identifying and fostering technological talent and innovation in the Kingdom. Sahm Capital is the first international online brokerage firm to provide services in KSA and a registered member of the Saudi Exchange.
Mr Chou commented: “From day one of Sahm Capital's establishment, ewpartners has stood as our premier partner. Today, Sahm Capital stands as the fastest-growing brokerage in Saudi Arabia, embarking on exploring an infinite future alongside ewpartners. We firmly believe that in the promising Saudi market, we can create long-term growth.
ewpartners is focused on developing the MENA region as a future hub of innovation and growth. The importance of the region is not lost on Asian investors, with a growing number intent on seeking opportunities in the Gulf and foreign direct investment increasing ten-fold between 2022 and 2023[1]. Meanwhile, the visit of Li Qiang, Premier of the State Council of the People’s Republic of China, to Riyadh last week to discuss trade agreements demonstrates the intention for China and the GCC to collaborate in several sectors including energy, investment and trade.
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