Kunlun Digital Technology (KLD) and the Saudi-funded eWTP Arabia Capital (eWTPA) have signed an agreement to accelerate the digitalisation process of petroleum, gas, and energy organisations in the Mena region.
The first digital transformation project that the venture will undertake is in Saudi Arabia.
According to the agreement terms, the joint venture will utilise both Kunlun Digital's technological capabilities and eWTPA’s re-source network in the Mena region to import and localise cutting-edge technical solutions.
The global sourcing of local solutions will accelerate the technological transformation within Saudi Arabia’s energy industry and al-so enable efficiencies in the production process in oilfields.
Jerry Li, Managing Partner of eWTPA, says: “This project once again cements our role in bridging Chinese technologies with local demands and demonstrates our strong confidence in KSA. We would love to work with more Chinese companies like Kunlun Digital, to empower energy sector and enable digital transformation in the kingdom and the region.”
The joint venture is expected to make revenues of $2 billion in the next 8 to 10 years.
Affiliated to China National Petroleum Corporation, Kunlun Digital is an IT solution provider with more than 20 years of experience in the global petroleum and gas industry.
eWTPA is a growth-stage venture fund based in Saudi Arabia and China backed by the sovereign wealth fund of Saudi Arabia, Public Investment Fund (PIF).
Both parties bring complementary resources and advantages to the venture, which builds on the growing bilat-eral relations between China and Saudi Arabia, aligned with China's Belt and Road initiative and Saudi Arabia's Vision 2030.