RIYADH -- China's Kunlun Digital Technology and eWTP Arabia Capital signed on Wednesday a memorandum of cooperation in Riyadh to promote the digital transformation of the energy industry in the Middle East and North Africa.

Their first project will be launched in Saudi Arabia, according to the agreement.

Based on Kunlun Digital and eWTPA's industrial expertise and comprehensive research on the region, the joint venture is expected to grow its revenue to $2 billion within the next 8-10 years, said a statement published by the two companies obtained by Xinhua.

According to the MOC, the joint venture will utilize both Kunlun Digital's technological capabilities and eWTPA's resourceful network in MENA to import and localize cutting-edge technical solutions, and enable technological upgrading in Saudi Arabia's energy industry and production process in oilfields.

Affiliated to China National Petroleum Corporation, Kunlun Digital is an IT solution provider with more than 20 years of experience in the petroleum and gas industry.

The eWTPA is a venture fund based in Saudi Arabia and China backed by the sovereign wealth fund of Saudi Arabia -- the Public Investment Fund.