Saudi Arabia and China Sign $10 Billion Worth of Investment Agreements across Various Sectors

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Published (Updated) on Monday, June 12, 2023

SAUDI ARABIA — On the first day of the 10th Arab-China Business Conference held in Riyadh, 30 investment agreements were signed between Saudi Arabia and several Chinese entities worth $10 billion.

The diversified sectors include technology, renewables, agriculture, real estate, minerals, supply chains, tourism, and healthcare. Arab News reports.

Saudi Arabia’s Investment Ministry signed deals with Chinese firms for projects such as a joint venture for automotive research, autonomous driving technology and production of electric cars, and developing tourism and other apps. The Saudi railway company, SABATCO, also signed a deal worth $250 million with Chinese state-owned rolling stock manufacturer CRRC for manufacturing rail wagons and wheels in the kingdom.

The event saw key business deals facilitated between the two countries, emphasizing their collaboration instead of competition. The conference also hosted 3,500 business leaders, innovators, and policymakers from 26 countries, discussing plenaries, workshops, and special meetings dedicated to environmental, social and governance, supply chain resilience and other topics.

In addition, Saudi Arabia announced the revitalization of the Silk Route, serving as China’s gateway to the Arab world, upholding its vision to diversify its economy and use modern technology to enhance the skills of its youth. The trade volume between both countries hit $106 billion in 2022 with a 30 percent increase from last year.

News ▶ Agencies and Media

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