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PIF bolsters investment in Alibaba-backed tech venture

By Pramod Kumar
Alibaba Group
Jada Fund of Funds is among the several regional and Asian funds participating in eWTP Arabia’s upcoming $1 billion funding round

Saudi Arabia’s Public Investment Fund (PIF) will increase its investment in a technology venture backed by China’s Alibaba Group to $200 million, a news report said.

Jada Fund of Funds, wholly owned by the PIF, is among several regional and Asian funds participating in eWTP Arabia’s upcoming $1 billion funding round, Bloomberg reported.

The funding round will conclude early next year and will primarily invest in technology and energy startups, eWTP founder and managing partner Jessica Wong told the news agency.

The Chinese technology venture is a strategy partner and works closely with Saudi Aramco.

The venture plans to list some portfolio companies on the Saudi stock exchange next year, Wong disclosed.

eWTP, which raised $400 million in its inception in 2019, is one of the investors behind SCCC Alibaba Cloud, backed by Saudi Telecom Company, Alibaba Cloud, and the Saudi Company for Artificial Intelligence.

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