New Chapter in Arab-Chinese Relations: Riyadh and Beijing Ink $10 Billion Deals

The Saudi Arabian Ministry of Investment announced the signing of $10 billion worth of agreements with Chinese companies on the first day of the Arab-Chinese Business Conference in Riyadh, including $8 billion benefiting organizations in the Kingdom.

These deals are being made today, Sunday, to strengthen the recently strengthened Saudi-Chinese ties after the recent agreement between Tehran and Iran to resume diplomatic relations under the auspices of China, especially after the confirmation of Saudi Aramco three months ago of its “long-term commitment” with China. .

It is noteworthy that the 10th Arab-Chinese business conference will be held in Riyadh for two days, which will be attended by about 3,500 people from 24 countries.

The Saudi Arabian ministry said in a statement that $10 billion in investment agreements were signed on the first day, spread across “more than 30 agreements in the technology, renewable energy, agriculture, real estate, minerals, supply chain, tourism and health sectors.” “. “

It also included a $5.6 billion memorandum of understanding between the Saudi Ministry of Investment and Chinese electric vehicle manufacturer Human Horizons to establish a joint venture to research, develop, manufacture and sell vehicles.

As well as another agreement “worth $533 million to establish an iron ore processing plant in the Kingdom of Saudi Arabia” and another agreement “worth $500 million to develop, finance, build and operate a copper mining project in the Arabian Shield Region.”

In his opening speech at the conference, Saudi Foreign Minister Prince Faisal bin Farhan praised the “new era” in Arab-Chinese relations, noting that “our meeting today is an opportunity … to work towards building a common future towards a new era.” it will benefit our peoples.”

Ibn Farhan pointed to the “extreme importance, great potential and common views” in the “investment and trade” relations between China and the Arab countries.

Source: AFP.

Related Stories

Leave a Reply