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
Egypt–Saudi power link set to boost regional energy integration, minister says
RIYADH: Electricity interconnection projects between Egypt and Saudi Arabia will strengthen regional energy cooperation and economic integration, Egypt’s minister of electricity and renewable energy said during a visit to a key cross-border power facility.
Mahmoud Esmat made the remarks while inspecting the Egypt–Saudi electricity interconnection station linking the two countries’ power grids, where he reviewed construction progress and equipment testing ahead of trial operations expected in the coming weeks, according to a statement from the Egyptian State Information Service.
The project is described as the first of its kind in the Middle East in terms of scale, manufacturing technology, operation, and application in grid interconnection lines.
The initiative supports the state’s broader vision to implement sustainable solutions aimed at ensuring the stability of the national unified grid and enhancing the reliability and quality of electricity supply.
It also aligns with Egypt’s allocation of 136.3 billion Egyptian pounds ($2.8 billion) to the electricity and renewable energy sector in its 2025–26 development plan, nearly double the 72.6 billion pounds set aside the previous year.
The plan focuses on diversifying energy sources, expanding renewable capacity, and strengthening the national grid to meet rising demand.
The statement said: “The minister toured the station’s departments and control and operation center, following up on the completion of testing for all equipment and components in preparation for launching operations and synchronizing the project with the unified power grids of Egypt and Saudi Arabia in the coming weeks.”
It added: “Esmat reviewed the implementation rate of the project and testing works, as well as the project’s timeline. He highlighted finalization of operational tests at the Badr transformer station and the Sakakin Taba 2 station, as well as the 500 kilovolts overhead transmission line extending approximately 320 km.”
The minister said the project forms part of broader efforts to build an integrated power network connecting the two countries, facilitating efficient and flexible electricity exchange and laying the groundwork for a unified Arab electricity market.
He added that the initiative reflects a clear vision and comprehensive strategy to strengthen the efficiency of the energy system while delivering both immediate and long-term solutions to safeguard grid stability and enhance service quality.
