China’s Shanghai Lujiazui Financial City Authority (SLFCA) has opened its first office in the Middle East in Saudi Arabia.

The office is located in King Abdullah Financial District (KAFD) in Saudi capital Riyadh and is SLFCA’s second global office following the launch of its London office in 2016.

Supported by eWTP Arabia Capital (eWTPA), an investment platform based in Saudi Arabia and China, the Riyadh office of SLFCA will serve as Shanghai’s primary gateway to the Kingdom.

The press statement issued by eWTPA said the new Office will connect market participants from both regions and foster cross-border partnerships in commerce, technology and finance and other industries.

Lujiazui Finance & Trade Zone is the only national-level development zone in China that specialises in finance and trade industries. Lujiazui is situated in Pudong New Area, home to the China (Shanghai) Pilot Free Trade Zone.

eWTPA signed a strategic agreement with SLFCA for developing an investment cooperation platform, and an MoU was also signed by eWTPA, SLFCA and the King Abdullah Financial District Management & Development Company (KAFD DMC) to strengthen collaborations between Riyadh and Shanghai hubs.

Founded in 2019, eWTPA is backed by Saudi’s Public Investment Fund (PIF) and China’s eWTP Capital.

(Reporting by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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