Saudi Arabia’s Ministry of Media, represented by the Saudi Media Academy, launched the media business accelerator on Saturday in collaboration with eWTP Arabia Capital, Saudi Cloud Computing Company (Alibaba Cloud), and the Fujian Youth Federation, reported SPA.
Under the auspicious of the Minister of Media, Salman Al-Dosary, the launch was part of 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 Saudi Arabia.
Promising Objectives
The Media Accelerator has set the following objectives:
- Fostering innovation and growth in the media sector
- Assisting media entrepreneurs by providing the necessary resources and guidance
- Exchanging expertise between Saudi Arabia and China
- Providing startups with all required resources to scale and grow their businesses
- Becoming a pioneering hub for innovation in media technology
“Saudi Arabia, led and supported by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and his Crown Prince Mohammed bin Salman, is shaping the largest vision for the future in the 21st century, where media plays a fundamental role,” said Assistant Minister of Media Dr. Abdullah Al-Maghloth, speaking on behalf of the Minister of Media.
He also commended the Saudi-Chinese relations emphasizing that both countries have a long history and a deep-rooted culture. Furthermore, Al-Maghloth mentioned that the rapid technological advancements necessitate a more comprehensive approach.
Untapped Areas
The program extends from 3 to 4 months and includes 8 to 12 early-stage startups with high growth potential in the various fields, as follows:
- Artificial intelligence in media
- Digital content creation and distribution
- Media analytics and data science
- Interactive media and gaming
- Media platforms
Deep Relations
Jerry Li, Managing Partner of eWTP Arabia Capital, which supported the event and brought 25 young Chinese entrepreneurs from Fujian, said: “As investors in both countries, we emphasize that the Chinese government greatly supports bilateral cooperation with Saudi Arabia, especially in technology and media sectors.”
Li underscored that eWTP Arabia Capital has established a strong presence in Saudi Arabia over the past six years. He also highlighted that the company perfectly aligns with Belt and Road Initiative and the Saudi Vision 2030, stressing their unwavering support for further cooperation between the two sides in the future.
Numerous Stages
The program consists of several stages, including:
- Mentoring and pairing startups with experienced industry mentors
- Workshops and training offering educational courses on various business and technical topics
- Pitch days
- Networking to facilitate connections with industry leaders, potential partners, and customers
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