Billion-dollar investment deals between China and the Arab world were revealed by Saudi Arabia on Sunday, the opening day of the China-Arab Business Conference in Riyadh.
Beijing and Middle Eastern countries’ trade and diplomatic relationships are growing at the same time as the summit, and regional relations have recently changed as a result of the historic reconciliation of Iran and Saudi Arabia, two regional giants.
The ninth edition of the conference is being held for the first time in the oil-rich kingdom. According to a statement from the Saudi Investment Ministry, it brings together around 3,500 government and business representatives from China and Arab nations over the course of two days.
According to a release, the event “marked its first day with the signing of $10 billion in investment agreements,” the vast majority of which are for projects in Saudi Arabia or by Saudi businesses or government bodies.
The Saudi Investment Ministry and Human Horizons, a Chinese producer of electric and driverless vehicles, have a $5.6 billion memorandum of agreement.
The statement claims that the memorandum of understanding, a specific “cooperation agreement,” and a “framework agreement” involving additional firms together account for more than half of the entire sum.
$10bn investment agreements made at Arab-China summit
Various agreements in the fields of technology, agriculture, renewable energy, real estate, natural resources, and tourism were included.
Prince Faisal bin Farisal, the foreign minister of Saudi Arabia, highlighted the possibility for expanded economic and commercial connections between China and Arab countries at the conference’s outset.
“This meeting is an opportunity to build a shared future toward a new, prosperous era for our peoples,” he said.
AMR ALuwlaa Company and Zhonghuan International Group (Hong Kong) have reportedly concluded an agreement worth $533 million for the building of an iron foundry in Saudi Arabia, according to a Saudi announcement.
A $500 million collaboration deal for copper mining was struck in the kingdom by Saudi ASK Group and China National Geological & Mining Corp, according to the announcement.