Source: Media Outreach
SINGAPORE – Media OutReach – 22 September 2022 – eWTP Arabia Capital (eWTPA), a leading Saudi Arabia and China based growth stage venture fund, is decisively advancing in their mission to cooperate with Super Unicorns in the MENA region to help them reach a higher level.
Founded in 2019, eWTPA launched its first fund (Fund I) in same year, which is backed by the sovereign wealth fund of Saudi Arabia, Public Investment Fund (PIF) and eWTP Capital (Alibaba Group and Ant Finance Group). Within a short period of time, the US$400-million-fund has already invested into 16 companies across of digital infrastructure, core technology and platform, consumer and enterprise services which span enterprise services, cloud services, cyber security, fintech, cross-border supply chain, retail and consumer, e-commerce, logistics and digital entertainment and others. eWTPA’s goal is to work with its portfolio companies and together build a unique digital ecosystem in the Middle East and North African (MENA) region.
Charged by these initial successes, eWTPA is currently pathing its way to expand more aggressively into the MENA market. Despite that there are fewer Unicorns in the MENA region compared to countries such as USA and China, eWTPA holds firm to their vision that the MENA market holds the strongest advantage of nurturing the growth of Unicorns, foreseeing great opportunities and potential within the region in the future. The characteristics of the MENA market analyzed by eWTPA are as follows:
- Young and Tech Savvy Population: The MENA market covers more than 20 countries and a population base of hundreds of millions, consisting of young people with a high internet coverage rate and are active in online shopping.
- Stable and Improving Economy: The Middle East is one of the regions with the highest per capita GDP in the world, where both the willingness and ability of consumption are maintained at a high level.
- Nurturing Business Environment: In the “World Bank 2020 Doing Business Report”, most of the 190 countries and regions that are ranked high are in the Middle East, including United Arab Emirates (16), Bahrain (43), Saudi Arabia (62), Jordan (75), and Kuwait (83).
- Politically Balanced and Stable: The core regions of the Middle East and North Africa have long-term balanced relations with China and the U.S. Also, the stable bilateral trade cooperation and investment relations with China for many years have laid the foundation for the activity of non-governmental trade cooperation.
- Great Market Potential: The digital economy has a broad market space and huge development potential.
