China-Saudi investment conference sees $27 bn contracts secured

FILE PHOTO: Chinese Foreign Minister Wang Yi attends a family photo session with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, Jordanian Deputy Prime Minister and Foreign Minister Ayman Safadi, Egyptian Foreign Minister Sameh Shoukry, Indonesian Foreign Minister Retno Marsudi, Palestinian Foreign Minister Riyad Al-Maliki and Organisation of Islamic Cooperation (OIC) Secretary-General Hissein Brahim Taha at the Diaoyutai State Guesthouse in Beijing, China November 20, 2023. REUTERS/Florence Lo/Pool/File photo

Source: X06710

Saudi Arabia and China have signed more than 60 memorandums of understanding and investment contracts worth more than 26.5 billion dollars in various sectors, Al Arabiya reported.

These agreements were settled on the sidelines of the China-Saudi investment conference held from December 7 to 12, 2023, in the presence of the Investment Minister of Saudi Arabia, Khaled Al-Falih, and Li Fei, the Deputy Minister of Commerce of China.

About 1,200 officials from the public and private sectors attended the conference to discuss investment opportunities for increasing cooperation between the two countries.

Beijing hosted the China-Saudi investment conference organized by the Ministry of Investment, in coordination with the Chinese Chamber of Commerce for the Import and Export of Machinery and Electronic Products (CCCMA), the Independent reported.

Agreements were signed in various sectors, including energy, agriculture, tourism, mining, and financial services. Other fields including logistics, infrastructure, technology, and healthcare were also negotiated.

According to Arab News, the most significant contract at the conference was in the field of information and communication technology. The Saudi Arabian Sports Federation and the China Electronic Sports Tournament Operator (VSPO) signed a memorandum of understanding worth $8.5 billion to promote opportunities, cooperation, and participation in electronic sports.

At the investment conference of Saudi Arabia and China, senior leaders of the region were present, including representatives of the Saudi Arabian Oil Company known as Aramco and Saudi Basic Industries Corporation (SABIC).

In June, the 10th Edition of the Arab-China Business Conference themed "Collaborating For Prosperity" was launched by China in the capital of Saudi Arabia with the presence of economic experts and officials which appeared to have helped to boost ties between the two governments.

The conference is also expected to strengthen the efforts of the two governments in developing the path of strategic partnership between Saudi Arabia and China in the economic, investment, and commercial fields, under the umbrella of "Saudi Vision 2030" as well as China's "Belt and Road" initiative.

Maral Gh