SAUDI Foreign Minister Faisal bin Farhan al-Saud and Vice Chairman of the Chinese People’s Political Consultative Conference Hu Chunhua attend the Arab-China Business Conference in Riyadh, on Sunday.—AFP
SAUDI Foreign Minister Faisal bin Farhan al-Saud and Vice Chairman of the Chinese People’s Political Consultative Conference Hu Chunhua attend the Arab-China Business Conference in Riyadh, on Sunday.—AFP

RIYADH: Saudi Arabia announced on Sunday billions of dollars in investment deals between China and the Arab world, on the first day of the China-Arab business conference in Riyadh.

The meeting comes amid growing commercial and diplomatic ties between Beijing and Middle Eastern countries, including a recent landmark Chinese-brokered rapprochement between powerhouses Iran and Saudi Arabia that has shifted regional relations.

The oil-rich kingdom is hosting the conference, now in its 10th edition, for the first time. Over two days, it brings together more than 3,500 government and business officials from China and Arab countries, the Saudi investment ministry said in a statement.

The event “marked its first day with the signing of $10 billion in investment agreements”, the statement said — the vast majority of which are for projects in Saudi Arabia or by Saudi firms and government entities.

This figure includes a $5.6-billion memorandum of understanding between the Saudi investment ministry and Human Horizons, a Chinese maker of electric and self-driving cars.

More than half of the total sum is in the memorandum of understanding, as well as a separate “cooperation agreement” and a “framework agreement” involving other companies, according to the statement.

It detailed agreements in various fields, including technology, agriculture, renewable energy, real estate, natural resources and tourism.

At the launch of the conference, Saudi Foreign Minister Prince Faisal bin Farhan highlighted the potential in increased trade and economic ties between China and Arab countries.

“(This) meeting is an opportunity… to build a shared future towards a new, beneficial era for our peoples,” he said.

According to the Saudi statement, a $533-million deal was concluded between AMR ALuwlaa Company and Zhonghuan International Group (Hong Kong) for the establishment of an iron factory in Saudi Arabia.

Saudi ASK Group and the China National Geological & Mining Corp inked a $500-million cooperation agreement on copper mining in the kingdom, the statement added.

Published in Dawn, June 12th, 2023

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Must Read

Opinion

Editorial

Hybrid worries
Updated 13 Jul, 2025

Hybrid worries

Once elected office is reduced to theatre, useful only for maintaining appearances, it becomes a stage for managing perceptions rather than exercising power.
Bitter taste
13 Jul, 2025

Bitter taste

THE government’s plan to import 350,000 tonnes of sugar, months after allowing the export of more than twice that...
No red lines
13 Jul, 2025

No red lines

THE US’ move to sanction Francesca Albanese, the UN’s Special Rapporteur on human rights in the occupied...
Gruesome murders
Updated 12 Jul, 2025

Gruesome murders

Long-term security can only be achieved when there is equitable development across Balochistan.
Solar policy
12 Jul, 2025

Solar policy

SOLAR net metering reforms are back in the limelight. On Thursday, Power Minister Awais Leghari announced that he...
New hope
12 Jul, 2025

New hope

EDUCATION shapes the destiny of a nation. Sadly, Pakistan’s public education sector is experiencing a national...