The 10th Arab-China Business Conference is going on in Saudi Arabia. The first day of 10th Arab-China Conference witnessed 30 investment agreements of worth $10 billion.
The agreements include technology, renewables, agriculture, real estate, minerals, supply chains, tourism and healthcare investments.
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According to Investment Ministry of Saudi Arabia, many investors of country signed deals with several Chinese entities for projects including a joint venture for automative research, development manufacturing and sales, developmemt of Tourism and other apps, and production of rail wagons and wheels in the Kingdom.
As the 10 Arab-China Business Conference progressed, more deals are expected soon on Saudi-Chinese Investment. The Kingdom of Saudi Arabia seeks collaboration with the World’s second-largest economy instead of competition.
A $5.6 billion agreement between the Kingdom’s Investment Ministry and Human Horizons, a Chinese developer of autonomous driving technologies and manufacturer of electric cars under the HiPhi brand, to establish a joint venture for automotive research, development, manufacturing and sales.
A $266 million deal signed by Saudi Arabia with Hong Kong-based Android developer Hibobi Technology Ltd. to develop tourism and other apps.
A $250 million deal facilitated by Investment Ministry between Saudi railway company SABATCO and Chinese state-owned and publicly traded rolling stock manufacturer CRRC to manufacture rail wagons and wheels in the Kingdom.
A $150 million deal between Investment Ministry, the Ministry of Industry and Mineral Resources and Chinese industrial manufacturer Sunda to manufacture caustic soda, chlorine and derivatives, chlorinated paraffin, calcium chloride, poly vinyl chloride, and related conversion products in the Kingdom.
Prince Abdulaziz said there are synergies between the two countries, as the Kingdom is progressing steadily with its Vision 2030 plan, while China is pursuing its Belt and Road Initiative.
The two-day event has been organized by Saudi Arabia’s investment and foreign ministries in collaboration with the General Secretariat of the Arab League, the Chinese Council for the Promotion of International Trade, and the Union of Arab Chambers.