Prospects for China-Arab ties were boosted by the signing of 34 investment agreements during President Xi’s visit to Saudi Arabia.

Prospects for China-Arab ties were boosted by the signing of 34 investment agreements during President Xi's visit to Saudi Arabia.

Saudi and Chinese companies have signed 34 investment agreements during the start of Chinese President Xi Jinping three-day visit to the Kingdom, the official Saudi Press Agency (SPA) reported on Thursday.

 

Saudi and Chinese companies have signed 34 investment agreements during the start of Chinese President Xi Jinping three-day visit to the Kingdom, the official Saudi Press Agency (SPA) reported on Thursday.

 

Xi arrived in Riyadh on Wednesday. It marks his third overseas journey since the coronavirus pandemic began.

 

On Wednesday evening dozens of agreements were signed between Saudi and China covering several sectors in the fields of green energy, green hydrogen, photovoltaic energy, information technology, cloud services, transportation, logistics, medical industries, housing and construction factories.

 

Saudi Arabia’s Minister of Investment Khalid bin Abdulaziz al-Falih confirmed that the agreements reflect the Kingdom’s keenness under the leadership of the King Salman and Crown Prince Mohammed bin Salman to develop the Kingdom’s relations in all fields including economic and investment with China.

 

Eng. al-Falih said that this visit reflects the keenness of the leaderships of the two countries to develop and strengthen relations and partnership between the two countries in all fields, including economic and investment, adding that the visit will contribute to raising the pace of economic and investment cooperation between the two countries.

 

He also explained that the Kingdom and the People’s Republic of China have solid relations and a close partnership that witnessed comprehensive development over the past years, especially after the mutual visits between the leaderships of the two countries, which resulted in fruitful cooperation that included various fields.

He further said that the Kingdom, in light of Vision 2030, offers unprecedented investment opportunities in various sectors including renewable energy, industry, communications, information technology, biotechnology, tourism, building and construction, and others, expressing his aspiration to enhance investments between the Kingdom and China.

 

The volume of trade exchange between the two countries amounted to SAR304 billion ($80 billion) in 2021, and trade exchange in the third quarter of 2022 recorded SAR103 billion ($270 million).

 

Xi’s visit to the Kingdom will run until December 9 during which a Saudi-China summit headed by King Salman and the Chinese president, with the participation of Crown Prince Mohammed bin Salman, will be held.Xi arrived in Riyadh on Wednesday. It marks his third overseas journey since the coronavirus pandemic began.

 

On Wednesday evening dozens of agreements were signed between Saudi and China covering several sectors in the fields of green energy, green hydrogen, photovoltaic energy, information technology, cloud services, transportation, logistics, medical industries, housing and construction factories.

 

Saudi Arabia’s Minister of Investment Khalid bin Abdulaziz al-Falih confirmed that the agreements reflect the Kingdom’s keenness under the leadership of the King Salman and Crown Prince Mohammed bin Salman to develop the Kingdom’s relations in all fields including economic and investment with China.

 

Eng. al-Falih said that this visit reflects the keenness of the leaderships of the two countries to develop and strengthen relations and partnership between the two countries in all fields, including economic and investment, adding that the visit will contribute to raising the pace of economic and investment cooperation between the two countries.

 

He also explained that the Kingdom and the People’s Republic of China have solid relations and a close partnership that witnessed comprehensive development over the past years, especially after the mutual visits between the leaderships of the two countries, which resulted in fruitful cooperation that included various fields.

He further said that the Kingdom, in light of Vision 2030, offers unprecedented investment opportunities in various sectors including renewable energy, industry, communications, information technology, biotechnology, tourism, building and construction, and others, expressing his aspiration to enhance investments between the Kingdom and China.

 

 

The volume of trade exchange between the two countries amounted to SAR304 billion ($80 billion) in 2021, and trade exchange in the third quarter of 2022 recorded SAR103 billion ($270 million).

 

Xi’s visit to the Kingdom will run until December 9 during which a Saudi-China summit headed by King Salman and the Chinese president, with the participation of Crown Prince Mohammed bin Salman, will be held.

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