$10 Billion in Investment Deals Signed at Arab-China Summit
RIYADH: On the first day of the China-Arab Business Conference in Riyadh, Saudi Arabia announced billions of dollars in investment deals between China and the Arab world.
The conference, now in its 10th edition, brings together over 3,500 government and business officials from China and Arab countries. It signifies the growing commercial and diplomatic ties between Beijing and Middle Eastern nations, including the recent landmark Chinese-brokered reconciliation between Iran and Saudi Arabia, which has reshaped regional relations.
Hosted by the oil-rich kingdom for the first time, the event commenced with the signing of $10 billion in investment agreements. The majority of these deals are for projects within Saudi Arabia or involve Saudi firms and government entities, according to the Saudi investment ministry.
One significant agreement is a $5.6 billion memorandum of understanding between the Saudi investment ministry and Human Horizons, a Chinese manufacturer of electric and self-driving cars. The remaining investment commitments are covered by a separate “cooperation agreement” and a “framework agreement” involving various companies, as outlined in the statement.
The agreements span multiple sectors, including technology, agriculture, renewable energy, real estate, natural resources, and tourism.
During the conference launch, Saudi Foreign Minister Prince Faisal bin Farhan emphasized the potential for increased trade and economic ties between China and Arab countries, viewing the meeting as an opportunity to build a shared future for the benefit of their peoples.
Among the notable deals mentioned in the Saudi statement is a $533 million agreement between AMR ALuwlaa Company and Zhonghuan International Group (Hong Kong) for the establishment of an iron factory in Saudi Arabia. Additionally, Saudi ASK Group and the China National Geological & Mining Corp sealed a $500 million cooperation agreement for copper mining in the kingdom.
