ALBAWABA – The Ministry of Investment of Saudi Arabia and Chinese electric car manufacturer Human Horizons signed a $5.6 billion Saudi-Chinese agreement Monday, on a joint venture for automotive research, development, manufacturing, and sales.
The first day of the 10th Arab-China Business Conference in Riyadh, Saudi Arabia, saw the signing of more than 30 deals across multiple sectors, including Electric Vehicles (EVs).
Other deals, worth $10 billion, included agreements in technology, renewable energy, agriculture, real estate, minerals, supply chains, tourism, and healthcare sectors, Reuters reported.
This trade and investment conference is the largest edition to date and the first hosted by Saudi Arabia, Zawya confirmed.
The event was organized by the Ministry of Investment in partnership with the General Secretariat of the League of Arab States, the Chinese Council for the Promotion of International Trade, and the Union of Arab Chambers.
More than 3,500 business leaders, innovators and policymakers from China, the Arab World, and beyond attended the conference to date.
More Saudi-China deals to date
A $266 million deal signed by MISA with Hong Kong-based Android developer Hibobi Technology Limited to develop tourism-related and other apps.
A $250 million deal facilitated by MISA between Saudi railway company SABATCO and Chinese state-owned and publicly traded rolling stock manufacturer CRRC, to manufacture rail wagons and wheels in Saudi Arabia.
A $150 million deal between MISA, the Ministry of Industry and Mineral Resources (MIM) and Chinese industrial manufacturer Sunda to manufacture caustic soda, chlorine and derivatives, chlorinated paraffin, calcium chloride, poly vinyl chloride (PVC), and related conversion products in Saudi.
A $533 million deal between the AMR ALuwlaa Company and Zhonghuan International Group (Hong Kong) Limited to establish a factory to reduce iron ore and manufacture iron pellets for smelting plants in Saudi Arabia.
A $500 million cooperation agreement between Saudi Arabia’s ASK Group and the China National Geological & Mining Corp. for the development, financing, construction and operation of an Arabian Shield copper mining project.
A $266 million framework agreement between Mabani Al- Safwah Ltd, China Gezhouba Group International Engineering Co., Ltd. and Top International Engineering Corporation Arabia Ltd. for advanced building construction in the Kingdom.
Fortifying Saudi-China ties
Arab-China trade reached $430 billion in 2022, whereas trade between China and Saudi Arabia alone exceeded $106 billion last year, up 30 percent growth over 2021, according to Zawya.
China’s foreign direct investment in the Arab World reached $23 billion in 2021, $3.5 billion of which in Saudi Arabia alone.
