Riyadh - Sharikat Mubasher: Saudi Arabia’s Public Investment Fund (PIF) is set to inject additional capital into its technology venture with Alibaba, eWTP, raising its total investment to circa $200 million.

Jada Fund of Funds, wholly owned by the PIF, is one of several regional and Asian funds participating in eWTP Arabia’s upcoming $1 billion funding round that is set to be concluded in early 2024, as reported by Bloomberg.

Jessica Wong, Founder and Managing Partner of eWTP, stated that the upcoming funding will focus on investing in technology and energy startups.

eWTP, a strategy partner that works closely with Saudi Aramco, plans to list some portfolio companies on the Saudi stock next year.

It is worth noting that eWTP is one of the investors behind SCCC Alibaba Cloud, backed by Saudi Telecom Company, Alibaba Cloud, and the Saudi Company for Artificial Intelligence.