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 Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....
Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.