BEIJING: Alibaba co-founder and chairman Jack Ma will unveil a succession plan on Monday, the South China Morning Post reported Sunday, with a company spokesman denying a New York Times report that he would retire that day.
The SCMP, which is owned by Alibaba, said China’s most famous tech billionaire will “unveil a succession strategy” on Monday — his 54th birthday — but remain the company’s executive chairman for the foreseeable future.
The New York Times ran an article on Friday, based on an interview with Ma, saying the former teacher turned billionaire planned to use his birthday to announce his retirement as chairman of Alibaba to focus on philanthropy.
The paper quoted Ma as saying the decision was “the beginning of an era.”
But an Alibaba spokesman told the SCMP that the New York Times’ story “was taken out of context, and factually wrong.”
“An Alibaba spokesman said Ma remains the company’s executive chairman and will provide transition plans over a significant period of time,” the SCMP wrote.
The paper added that the Monday succession strategy was part of a plan “for grooming a generation of younger executives to take over the reins” of the company.
Eileen Murphy, a spokesperson for the New York Times, said the newspaper stood by its story.
Ma was an English teacher before starting Alibaba in 1999 and built it into a multibillion-dollar Internet colossus, becoming one of the world’s richest men and a revered figure in his homeland.
His own worth has soared along with that of the company, which has added cloud computing, films and e-payments to its growing portfolio and was valued at $420.8 billion when the stock market closed on Friday.
The New York Times’ report surprised many in the global business community because of Ma’s comparative youth, especially in China where it is not unusual for tycoons to remain in place into their eighties.
Alibaba did not return requests for comment on Saturday after the story ran.
Ma gave up the title of Alibaba CEO in 2013 but remains a pivotal figure within the company as well as its most recognizable face.
In an interview with Bloomberg TV released on Friday, Ma hinted at his retirement plans, saying he wanted to follow in the footsteps of Microsoft founder Bill Gates, one of the world’s most prolific philanthropists.
“There’s a lot of things I can learn from Bill Gates. I can never be as rich, but one thing I can do better is to retire earlier,” he said.
The SCMP report ran quotes from Ma himself, but they did not address when exactly he would retire. Ma said he met with company executives 10 years ago to work out “what Alibaba would do without me.”
“Anybody who knows me knows I embrace the future. This is not about retiring, stepping away, or backing off. This is a systematic plan,” the paper quoted Ma as saying.
The SCMP said Ma would be in Russia next week for Alibaba business meetings as well as an upcoming trip to South Africa and a planned speech at the company’s investor day in mid-September.
Alibaba’s Jack Ma to unveil succession plans, no imminent retirement
Alibaba’s Jack Ma to unveil succession plans, no imminent retirement
Saudi investment pipeline active as reforms advance, says Pakistan minister
ALULA: Pakistan’s Finance Minister Mohammed Aurangzeb described Saudi Arabia as a “longstanding partner” and emphasized the importance of sustainable, mutually beneficial cooperation, particularly in key economic sectors.
Speaking to Arab News on the sidelines of the AlUla Conference for Emerging Market Economies, Aurangzeb said the relationship between Pakistan and Saudi Arabia remains resilient despite global geopolitical tensions.
“The Kingdom has been a longstanding partner of Pakistan for the longest time, and we are very grateful for how we have been supported through thick and thin, through rough patches and, even now that we have achieved macroeconomic stability, I think we are now well positioned for growth.”
Aurangzeb said the partnership has facilitated investment across several sectors, including minerals and mining, information technology, agriculture, and tourism. He cited an active pipeline of Saudi investments, including Wafi’s entry into Pakistan’s downstream oil and gas sector.
“The Kingdom has been very public about their appetite for the country, and the sectors are minerals and mining, IT, agriculture, tourism; and there are already investments which have come in. For example, Wafi came in (in terms of downstream oil and gas stations). There’s a very active pipeline.”
He said private sector activity is driving growth in these areas, while government-to-government cooperation is focused mainly on infrastructure development.
Acknowledging longstanding investor concerns related to bureaucracy and delays, Aurangzeb said Pakistan has made progress over the past two years through structural reforms and fiscal discipline, alongside efforts to improve the business environment.
“The last two years we have worked very hard in terms of structural reforms, in terms of what I call getting the basic hygiene right, in terms of the fiscal situation, the current economic situation (…) in terms of all those areas of getting the basic hygiene in a good place.”
Aurangzeb highlighted mining and refining as key areas of engagement, including discussions around the Reko Diq project, while stressing that talks with Saudi investors extend beyond individual ventures.
“From my perspective, it’s not just about one mine, the discussions will continue with the Saudi investors on a number of these areas.”
He also pointed to growing cooperation in the IT sector, particularly in artificial intelligence, noting that several Pakistani tech firms are already in discussions with Saudi counterparts or have established offices in the Kingdom.
Referring to recent talks with Saudi Minister of Economy and Planning Faisal Alibrahim, Aurangzeb said Pakistan’s large freelance workforce presents opportunities for deeper collaboration, provided skills development keeps pace with demand.
“I was just with (Saudi) minister of economy and planning, and he was specifically referring to the Pakistani tech talent, and he is absolutely right. We have the third-largest freelancer population in the world, and what we need to do is to ensure that we upscale, rescale, upgrade them.”
Aurangzeb also cited opportunities to benefit from Saudi Arabia’s experience in the energy sector and noted continued cooperation in defense production.
Looking ahead, he said Pakistan aims to recalibrate its relationship with Saudi Arabia toward trade and investment rather than reliance on aid.
“Our prime minister has been very clear that we want to move this entire discussion as we go forward from aid and support to trade and investment.”
