Menu
Latest
Menu
Latest
News

Arab countries and China sign 30 deals worth $10bn at business conference in Riyadh

12 June 2023

Arab League Countries and China have signed some 30 deals that total $10bn. This came on the first day of the 10th Arab-China Business Conference taking place in the Saudi capital Riyadh, on 11-12 June.

The 30 investment agreements cover a wide range of areas, including technology, renewables, agriculture, real estate, minerals, supply chains, tourism, and healthcare. According to the Saudi Investment Ministry, the Saudi government also signed deals with a number of Chinese entities in areas such as automotive research, development, manufacturing and sales, development of tourism and other apps, and production of rail wagons and wheels in Saudi Arabia.

The biggest deal reached totalled $5.6bn, and was struck between Saudi Arabia's Investment Ministry and Human Horizons, a Chinese developer of autonomous driving technologies and manufacturer of electric cars.

Saudi Arabia and Hong Kong-based Android developer Hibobi Technology Ltd signed a $266 million deal to develop tourism and other apps, while a $250 million deal facilitated by the Saudi Investment Ministry between the Saudi railway company SABATCO and Chinese state-owned and publicly traded rolling stock manufacturer CRRC was also struck to manufacture rail wagons and wheels in Saudi Arabia.

Several other smaller business-to-business deals were also struck at the event which began on Sunday (11 June) and will continue today (12 June).

Collaboration over competition

Speaking at the event, Saudi Energy Minister Prince Abdulaziz bin Salman said: "I would not be surprised if you will hear more announcements soon on Saudi-Chinese investment," reported Arab News, adding that Riyadh seeks collaboration rather than competition with China.

The volume of trade between Saudi Arabia and China hit $106 billion in 2022, registering a 30% increase over 2021, and Saudi Arabia itself represents 25% of the $432 billion trade between China and Arab countries in 2022.

source: commonspace.eu with agencies
photo: Arab News

Related articles

Editor's choice
News
Borrell tells the European Parliament that the situation in Afghanistan was critical, but the EU will remain engaged
Trending

Borrell tells the European Parliament that the situation in Afghanistan was critical, but the EU will remain engaged

9 June 2021
Borrell underlined that the European Union will make every effort to support the peace process and to remain a committed partner to the Afghan people. "Of course, we will have to take into account the evolving situation, but disengagement is not an option.  We are clear on that: there is no alternative to a negotiated political settlement, through inclusive peace talks.
Editor's choice
News
More clashes between police and protestors in Tbilisi as government pushes through "foreign agents law"
Trending

More clashes between police and protestors in Tbilisi as government pushes through "foreign agents law"

2 May 2024
On May 1, the Georgian government passed through Parliament the controversial “Foreign Agents Law” in its second reading with 83 votes in favor and 23 against, despite strong opposition from international partners, large segments of Georgian society and opposition MPs and politicians. Outside parliament massive public protests saw clashes between police and protestors President of Georgia Salome Zurabishvili addressed the protesters in the evening of May 1, when the situation on Chitadze Street, by the gate of the parliament, became tense as several youths tried to break through the closed gates into the yard of the parliament. She said she stands by the protesters’ side. She called the rallies “extraordinary” saying that the whole world is watching Georgians demonstrate the attitude, determination, and perseverance. She said these qualities are important in order to win in the long term struggle, the final stage of which will be the Parliamentary elections, which “will show that Georgia will never be Russia.” Salome Zurabishvili addressed the youth “with flame in their hearts” as she called them, saying that “some things are not necessary” and appealed “to leave along the gates of the Parliament” saying that “nothing happens there”. Noting that “our struggle” is no longer about the Foreign Agents Law”, she said that the longer-term struggle is about the elections” and about “all the laws that this government has passed that distance us from the EU”. That is the goal, she stressed. Noting that it’s Holy Week, she appealed for peaceful protests and to avoid provoking violence, saying: “We will show the world what Georgia and its youth can do.”

Popular

Editor's choice
News
More clashes between police and protestors in Tbilisi as government pushes through "foreign agents law"
Trending

More clashes between police and protestors in Tbilisi as government pushes through "foreign agents law"

2 May 2024
On May 1, the Georgian government passed through Parliament the controversial “Foreign Agents Law” in its second reading with 83 votes in favor and 23 against, despite strong opposition from international partners, large segments of Georgian society and opposition MPs and politicians. Outside parliament massive public protests saw clashes between police and protestors President of Georgia Salome Zurabishvili addressed the protesters in the evening of May 1, when the situation on Chitadze Street, by the gate of the parliament, became tense as several youths tried to break through the closed gates into the yard of the parliament. She said she stands by the protesters’ side. She called the rallies “extraordinary” saying that the whole world is watching Georgians demonstrate the attitude, determination, and perseverance. She said these qualities are important in order to win in the long term struggle, the final stage of which will be the Parliamentary elections, which “will show that Georgia will never be Russia.” Salome Zurabishvili addressed the youth “with flame in their hearts” as she called them, saying that “some things are not necessary” and appealed “to leave along the gates of the Parliament” saying that “nothing happens there”. Noting that “our struggle” is no longer about the Foreign Agents Law”, she said that the longer-term struggle is about the elections” and about “all the laws that this government has passed that distance us from the EU”. That is the goal, she stressed. Noting that it’s Holy Week, she appealed for peaceful protests and to avoid provoking violence, saying: “We will show the world what Georgia and its youth can do.”