On May 22, 2022, Saudi Telecom Company (“STC”), the largest mobile operator in the Middle East, announced that it has established a cloud computing joint venture with AliCloud, eWTP Arabia Capital, Saudi Company for Artificial Intelligence（“SCAI”）and Saudi Information Technology Company（“SITE”）in Saudi Arabia with a registered capital of 894 million Saudi riyals (about 238 million US dollars), headquartered in Riyadh, the capital of Saudi Arabia. Such joint venture is the largest one in capitalization among newly-established companies engaging in cloud computing industry since Saudi Arabia launched its "Vision 2030 Framework," and will drive economic diversification and accelerate the development of digital industries.

Haiwen has provided legal support to eWTP Arabia Capital on a long-term basis, and is acting as the legal counsel of eWTP Arabia Capital in this transaction. With its rich experiences in equity investment transactions, Haiwen provided professional advice and legal services in dealing with various complex issues occurred in this transaction. Haiwen has been involved in the entire process of this transaction, including reaching the initial consensus regarding the transaction, designing the transaction structure, drafting, negotiating and executing the transaction documents, actively communicating with the Saudi legal counsels of all parties with respect to the regulatory environment and relevant procedures in Saudi Arabia, and assisting the client with the closing of the transaction, all of which were furnished by the high-quality legal services with high efficiency.

This transaction is led by Mu Jian at partner level, and other key members include Xiao Junyan, as a counsel, Liu Xueying and Sun Fuyao. Haiwen has assisted clients in multiple investments in Vietnam, Singapore, India, Saudi Arabia, etc. This transaction has further enriched Haiwen’s experience in cross-border transactions in the countries along the Belt and Road.