Alibaba-backed fund to build HQ in Saudi ‘media city’

Alibaba-backed fund eWTP Capital will build a new headquarters in a ‘media city’ in Riyadh. (AFP)
Short Url
Updated 05 February 2020

Alibaba-backed fund to build HQ in Saudi ‘media city’

DUBAI/RIYADH: Saudi Arabia has signed an agreement with a fund linked to China’s Alibaba to build a new headquarters in a “media city” in the kingdom’s capital, the Saudi minister of culture said on Tuesday.

The minister, Prince Badr bin Farhan, said on Twitter that he signed the agreement with Jerry Li, founding partner of eWTP Capital, which is backed by Jack Ma, head of e-commerce giant Alibaba Group.

“An important first step to strengthen our partnerships and attract innovators from all over the world,” Prince Badr, who is also the chairman of the new media city, said on Twitter.

The minister also said an agreement had been reached to build a new headquarters for Saudi-controlled media group MBC, as well as a new hub for MBC-owned sister news channels Al-Arabiya and Al-Hadath.

The media city will be in the embassies district of Riyadh, state TV said on Twitter.

It will be in competition with Dubai Media City in the United Arab Emirates. The Dubai project is the region’s leading media hub and where MBC Group is currently headquartered.


Qatar’s BeIN chairman, two others indicted in bribery case

Updated 20 February 2020

Qatar’s BeIN chairman, two others indicted in bribery case

  • Former FIFA general secretary Jerome Valcke charged with accepting bribes, among others
  • Al-Khelaifi charged with inciting Valcke to commit aggravated criminal mismanagement

GENEVA: Paris Saint-Germain president Nasser Al-Khelaifi was charged Thursday by Swiss federal prosecutors in connection with a wider bribery investigation linked to World Cup television rights.

The office of Switzerland’s attorney general filed an indictment charging Al-Khelaifi with inciting former FIFA secretary general Jerome Valcke “to commit aggravated criminal mismanagement.”

The Qatari football and television executive, however, no longer faces an accusation of bribery. Following a three-year investigation, FIFA reached an “amicable agreement” with Al-Khelaifi last month, prosecutors said, to drop its criminal complaint relating to the awarding of 2026 and 2030 World Cup rights to Qatari broadcaster BeIN Sports.

Al-Khelaifi is the head of Doha-based BeIN Sports and also a member of the UEFA executive committee.

Al-Khelaifi was indicted for his alleged part in providing Valcke — who had influence over the awarding of World Cup rights until being removed from office in 2015 — with use of a luxury villa in Sardinia without paying rent valued at up to €1.8 million ($1.94 million).

Valcke was charged with accepting bribes, “several counts of aggravated criminal mismanagement … and falsification of documents.”

For the first time in the five-year investigation of FIFA business, Swiss prosecutors revealed that they believe Valcke received kickbacks totaling €1.25 million to steer World Cup rights toward favored broadcasters in Italy and Greece.

A third person who was not identified was charged with bribery over those payments and also for inciting Valcke to commit aggravated criminal mismanagement.

Al-Khelaifi was appointed to the UEFA executive committee, representing European football clubs, one year ago despite being implicated in the bribery case. He is also an influential board member of the European Club Association, which is seeking to drive reforms in the Champions League to favor elite clubs such as French champion PSG.

He denied wrongdoing after being questioned in 2017 and 2019 in connection with criminal proceedings opened three years ago.

Al-Khelaifi has also been implicated in a separate corruption investigation by French prosecutors that is linked to Qatar seeking hosting rights for the track and field world championships. Doha hosted the 2019 edition.