Saudi Arabia, China launch media business accelerator

The Ministry of Media, represented by the Saudi Media Academy, launched on Saturday the media business accelerator in partnership with eWTP Arabia Capital, Saudi Cloud Computing Company (Alibaba Cloud), and the Fujian Youth Federation, under the patronage of Minister of Media, Salman Al-Dosary.

The accelerator was launched during the Saudi-Chinese Media Entrepreneurs Forum, held on the sidelines of the visit of the Secretary of the Party Committee of Fujian Province and the Chairman of the Standing Committee of the People’s Congress of Fujian Province to the Kingdom.

The accelerator program aims to assist entrepreneurs in the media sector by providing resources, mentorship, and the exchange of expertise between the two countries.

Assistant Minister of Media Dr. Abdullah Al-Maghloth, speaking on behalf of the Minister of Media, said, “The Kingdom of Saudi Arabia, led and supported by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, is shaping the largest vision for the future in the 21st century, where media plays a fundamental role.”

“We take pride in continuing to enhance and develop media-related industries in an era where technology has become an international language and a key attribute of humanity everywhere, and a necessary tool for understanding the future.”

The Assistant Minister emphasized the deep-rooted history, culture, and civilization shared by Saudi Arabia and China, noting that the rapid technological advancements necessitate a comprehensive approach to keep up. He highlighted the importance of this partnership in developing joint projects, exchanging talents, and transferring knowledge.

Jerry Li, Managing Partner of eWTP Arabia Capital, which supported the event and brought 25 young Chinese entrepreneurs from Fujian, stated, “As investors in both countries, we affirm that the Chinese government strongly supports bilateral cooperation with Saudi Arabia, especially in the technology and media sectors.” He noted that Fujian is one of the most important provinces in China, with strong economic and trade ties with Saudi Arabia and a long history of cultural and media innovation.

Li also mentioned that eWTP Arabia Capital has established a presence in Saudi Arabia over the past six years. He confirmed the company’s continued support for enhancing cooperation and exchanges between the two sides in the future.

The media business accelerator focuses on fostering innovation and growth in the media sector, providing startups and entrepreneurs with mentorship, an enabling environment, and the necessary resources to expand and develop their businesses, aiming to become a hub for innovation in media technology.

By leveraging the strengths of Saudi Arabia and China, the accelerator aspires to become a global leader in promoting innovation and entrepreneurship, enabling entrepreneurs to shape the future of media, and helping startups achieve their full potential and contribute to the growth of media technology industries, thereby strengthening media economies and supporting the localization of the media industry in the Kingdom.

The program runs for 3 to 4 months and includes 8 to 12 early-stage startups with high growth potential in areas such as AI in media, digital content creation and distribution, media analytics and data science, interactive media and gaming, and media platforms.

The program includes several phases: mentoring, pairing startups with experienced industry mentors, workshops and training offering courses on various business and technical topics, pitch days, and networking to facilitate connections with industry leaders, potential partners, and customers.