Saudi Arabia announces billion-dollar deals with China

The business conference comes amid growing trade and diplomatic ties between China and Middle Eastern countries, including the recent Beijing-brokered rapprochement between Iran and Saudi Arabia, which has transformed regional relations, according to AFP.

This is the first time Saudi Arabia has hosted the 10th Saudi-China Business Conference. Taking place from June 11-12, the conference attracted more than 3,500 government officials and business representatives from China and Arab countries, according to AFP citing an announcement from the Saudi Arabian Ministry of Investment.

Saudi Arabian Foreign Minister Faisal bin Farhan al-Saud (R) and Vice Chairman of the Chinese People's Political Consultative Conference Hu Chunhua attend the 10th Arab-China Business Conference in Riyadh on June 11.

The conference "marked its first day with the signing of investment agreements worth $10 billion," the statement said, most of which were for projects in Saudi Arabia or carried out by Saudi companies and government entities.

That includes $5.6 billion in a memorandum of understanding between the Saudi Arabian Ministry of Investment and Human Horizons, a Chinese electric and autonomous vehicle company. More than half of the total investment is in the memorandum of understanding, as well as a separate “cooperation agreement” and a “framework agreement” involving other companies, according to the statement.

The statement details agreements in a variety of areas, including technology, agriculture, renewable energy, real estate, natural resources and tourism.

A $533 million deal was also signed between AMR ALuwlaa and Hong Kong-based Zhonghuan International Group to set up an iron ore plant in Saudi Arabia, according to the statement. In addition, Saudi Arabia's ASK Group and China National Mining and Geology Group signed a $500 million cooperation agreement on copper mining in the kingdom, according to the statement.

At the opening of the conference, Saudi Arabian Foreign Minister Prince Faisal bin Farhan highlighted the potential for increased trade and economic ties between China and Arab countries. "This meeting is an opportunity... to build a shared future towards a new era that will benefit our people," Prince Faisal bin Farhan said.

In December 2022, Chinese President Xi Jinping visited Saudi Arabia, the world's largest crude oil exporter, drawing criticism from Riyadh's long-time ally, the United States, according to AFP.

Asked about the US criticism, Saudi Energy Minister Prince Abdulaziz bin Salman replied: "I really ignore it."

During a recent visit to Riyadh, US Secretary of State Antony Blinken affirmed that Washington "does not ask anyone to choose between the US and China," according to AFP.

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