Saudi Media Academy Launches Media Business Accelerator with China

Riyadh, August 03, 2024 — Under the patronage of Minister of Media Salman bin Yousef Al-Dossary, the Ministry of Media, represented by the Saudi Media Academy, launched the Media Business Accelerator on Saturday in partnership with eWTP Arabia Capital, the Saudi Cloud Computing Company (SCCC) – Alibaba Cloud, and the Fujian Youth Federation. The accelerator was unveiled during the Saudi-Chinese Media Entrepreneurs Forum, held on the sidelines of the visit by the Secretary of the Fujian Provincial Party Committee and the Chairman of the Standing Committee of the Fujian Provincial People’s Congress to the Kingdom. The program is designed to support entrepreneurs in the media sector by providing resources, mentorship, and facilitating the exchange of expertise between Saudi Arabia and China.

Context and Background

The launch of the Media Business Accelerator underscores Saudi Arabia’s commitment to advancing its media landscape in line with Vision 2030, the comprehensive national strategy to diversify the economy and enhance international cooperation. The Saudi Media Academy, an initiative of the Ministry of Media, plays a pivotal role in nurturing talent and fostering innovation within the Kingdom’s media industry. This partnership with Chinese entities reflects the deepening ties between the two nations, particularly in technology and media, and aligns with China’s Belt and Road Initiative. The collaboration is expected to create new opportunities for Saudi entrepreneurs and strengthen cultural and economic exchanges.

Key Details

During the forum, Assistant Minister of Media Dr. Abdullah bin Ahmed Al-Maghlouth delivered a speech on behalf of Minister Al-Dossary, emphasizing the Kingdom’s forward-looking vision under the leadership of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister. Dr. Al-Maghlouth noted that media plays a fundamental role in shaping the future, and that technology has become an international language essential for understanding the keys to the future. He highlighted the rich history and deep culture shared by Saudi Arabia and China, and stressed the importance of addressing technological challenges through comprehensive partnerships that develop joint projects, exchange talents, and transfer knowledge.

Jerry Li, Managing Partner at eWTP Arabia Capital, which supported the event and brought 25 young entrepreneurs from China’s Fujian province, affirmed that the Chinese government strongly supports bilateral cooperation with Saudi Arabia, especially in technology and media. He pointed out that Fujian is one of China’s most important provinces, with strong economic and trade ties to the Kingdom and a long history of cultural and media innovation. Jerry Li also noted that eWTP Arabia Capital has been present in Saudi Arabia for six years, aligning with both the Belt and Road Initiative and Saudi Vision 2030, and will continue to promote further cooperation and exchanges.

Implications and Impact

This accelerator program is poised to significantly impact the media landscapes of both nations by fostering innovation, creating a hub for media startups, and enabling the transfer of advanced technologies. It provides Saudi entrepreneurs with access to Chinese expertise and markets, while Chinese entrepreneurs gain insights into the Saudi market. The initiative also strengthens people-to-people ties and cultural understanding, which are essential for long-term diplomatic and economic relations. Regionally, it positions Saudi Arabia as a leader in media innovation and a bridge between China and the Middle East. Internationally, it showcases the Kingdom’s ability to attract global partnerships and invest in human capital, further integrating Saudi Arabia into the global knowledge economy.

Vision 2030 Alignment

The Media Business Accelerator directly supports Vision 2030 by promoting economic diversification, nurturing local talent, and enhancing international collaboration. It aligns with the Vision’s goals of developing a vibrant media sector, empowering youth, and fostering a knowledge-based economy. Through such initiatives, Saudi Arabia continues to strengthen its global role as a hub for innovation and a catalyst for regional development. This partnership with China exemplifies the Kingdom’s proactive approach to building strategic alliances that drive mutual growth and contribute to a prosperous future for both nations.

20 Questions

Q1. What is the Media Business Accelerator?

A1. The Media Business Accelerator is a program launched by the Saudi Media Academy in partnership with eWTP Arabia Capital, SCCC – Alibaba Cloud, and the Fujian Youth Federation to support media entrepreneurs with resources, mentorship, and expertise exchange.

Q2. When was the accelerator launched?

A2. It was launched on Saturday, August 3, 2024, during the Saudi-Chinese Media Entrepreneurs Forum in Riyadh.

Q3. Who patronized the launch?

A3. Minister of Media Salman bin Yousef Al-Dossary patronized the launch, with Assistant Minister Dr. Abdullah bin Ahmed Al-Maghlouth delivering a speech on his behalf.

Q4. What is the Saudi Media Academy?

A4. The Saudi Media Academy is an initiative under the Ministry of Media that focuses on developing media skills, fostering innovation, and supporting the growth of the media sector in Saudi Arabia.

Q5. Which Chinese entities are involved?

A5. The Chinese entities involved are eWTP Arabia Capital, the Saudi Cloud Computing Company (SCCC) – Alibaba Cloud, and the Fujian Youth Federation.

Q6. What is the purpose of the accelerator?

A6. Its purpose is to assist media entrepreneurs by providing resources, mentorship, and facilitating the exchange of expertise between Saudi Arabia and China.

Q7. Where was the forum held?

A7. The Saudi-Chinese Media Entrepreneurs Forum was held in Riyadh, Saudi Arabia, on the sidelines of a high-level Chinese delegation visit.

Q8. Who led the Chinese delegation?

A8. The delegation was led by the Secretary of the Fujian Provincial Party Committee and Chairman of the Standing Committee of the Fujian Provincial People’s Congress.

Q9. What did Dr. Al-Maghlouth emphasize in his speech?

A9. He emphasized Saudi Arabia’s forward-looking vision, the role of media in shaping the future, and the importance of technological collaboration between Saudi Arabia and China.

Q10. How does this align with Vision 2030?

A10. It aligns with Vision 2030 by promoting economic diversification, empowering youth, and enhancing international partnerships in media and technology.

Q11. What is eWTP Arabia Capital?

A11. eWTP Arabia Capital is an investment firm that has been operating in Saudi Arabia for six years, supporting bilateral cooperation in technology and media, and aligning with the Belt and Road Initiative and Vision 2030.

Q12. How many Chinese entrepreneurs participated?

A12. eWTP Arabia Capital brought 25 young entrepreneurs from China’s Fujian province to participate in the forum and accelerator launch.

Q13. What is the significance of Fujian province?

A13. Fujian is a key Chinese province with strong economic and trade ties to Saudi Arabia and a rich history of cultural and media innovation.

Q14. What benefits will Saudi entrepreneurs gain?

A14. Saudi entrepreneurs will gain access to Chinese expertise, markets, mentorship, and resources to scale their media ventures and innovate.

Q15. What benefits will Chinese entrepreneurs gain?

A15. Chinese entrepreneurs will gain insights into the Saudi market, opportunities for collaboration, and a platform to expand their media businesses in the region.

Q16. How does this partnership strengthen Saudi-China relations?

A16. It strengthens relations by fostering economic, technological, and cultural exchanges, building trust, and creating a framework for long-term collaboration.

Q17. What role does technology play in this initiative?

A17. Technology is central, as the accelerator focuses on digital media, innovation, and leveraging advanced technologies from Alibaba Cloud and other partners.

Q18. Will the accelerator include mentorship programs?

A18. Yes, the accelerator will provide mentorship from industry experts in both Saudi Arabia and China to guide entrepreneurs.

Q19. How does this initiative support Saudi youth?

A19. It supports Saudi youth by offering training, resources, and opportunities to develop media startups, aligning with Vision 2030’s goal of empowering young people.

Q20. What are the expected outcomes of the accelerator?

A20. Expected outcomes include the growth of media startups, enhanced Saudi-Chinese cooperation, job creation, and the development of a vibrant media ecosystem in Saudi Arabia.

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