On the first day of the China-Arab Business Conference in Riyadh, Saudi Arabia announced billions of dollars in investment deals between China and the Arab world. The meeting takes place against the backdrop of growing commercial and diplomatic ties between Beijing and Middle Eastern countries, including a recent landmark Chinese-brokered rapprochement between regional powerhouses Iran and Saudi Arabia, which has shifted regional relations.
Why In The News?
- Recently Saudi Arabia Announced 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.
Key Highlights:
- 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 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.
- It Detailed Agreements In Various Fields, Including Technology, Agriculture, Renewable Energy, Real Estate, Natural Resources And Tourism. Highlighted The Potential In Increased Trade And Economic Ties Between China And Arab Countries.
- 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.
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