More than 60 memorandums of understanding and agreements worth $25 billion were signed at the Saudi Arabia and China investment conference, which is expected to strengthen trade and economic relations between Beijing and Riyadh.
The conference, held on Wednesday on the sidelines of the visit of Khalid Al-Falih, the Saudi Minister of Investment, to China, saw agreements in various sectors including energy, agriculture, tourism, mining, and financial services. Other areas such as logistics, infrastructure, technology, and healthcare were also addressed at the event.
A notable contract signed at the conference was in the field of information technology and communications. According to this agreement, the Saudi Sports Federation and the organizer of electronic sports competitions in China (VSPO) signed an $8.5 billion agreement to collaborate in electronic sports.
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China East Energy Company and Saudi Arabia’s Al-Jalan & Brothers Holdings also signed a significant $7.5 billion contract to explore areas of cooperation in production.
Meanwhile, the Saudi Ministry of Investment in the energy sector signed a contract with the Chinese government-owned company CRRC for the development of renewable energy projects worth $2 billion in Saudi Arabia.
Top regional leaders including representatives from the famous Saudi oil company Aramco and Saudi basic industries companies attended the Saudi Arabia and China investment conference.
During the conference, 9 Chinese companies were granted permission to open regional headquarters in Saudi Arabia, including Huawei, Dahua, China Railway Construction Corporation, and China Communication Services.
Just a day before the conference, the Saudi stock exchange signed an agreement with the Shenzhen stock exchange in China to strengthen collaboration and explore new opportunities in various fields.
In June, the 10th China-Arab States Economic and Trade Forum was inaugurated in the Saudi capital, where agreements between Beijing and Riyadh were signed. At that time, Prince Abdulaziz bin Salman, the Saudi Minister of Energy, emphasized the potential for further joint investment between Saudi Arabia and China.
Prince Abdulaziz bin Salman also stated that Saudi Arabia seeks cooperation with the second-largest economy in the world and emphasized “complementarity between Beijing and Riyadh.”