Riyadh: The Kingdom of Saudi Arabia (KSA) announced the signing of 30 investment deal worth 10 billion dollars between the Chinese and the Arab world, during the first day of the 10th Arab-China business conference in Riyadh on Sunday.
The signed deals cover various sectors including technology, renewable energy, agriculture, real estate, minerals, logistics, tourism and healthcare, the Saudi Press Agency (SPA) reported.
According to the Saudi ministry of investment, the Saudi government has entered into agreements with various Chinese entities for several projects.
This includes a joint venture focused on automotive-related research, development, manufacturing, and sales. In addition, cooperation for the development of tourism-related applications and the production of railway wagons and wheels within the state.
One of the largest of these was a 5.6 billion dollars agreement between the Saudi ministry of investment and Human Horizons, a Chinese electric vehicle maker, to collaborate in the development, manufacture and sale of vehicles.
Saudi minister of tourism, Ahmed bin Aqeel Al Khateeb, has outlined plans to invest over 800 billion dollars in the tourism sector over the next ten years.
Arab-China conference
The two-day event from June 11 was jointly organized by the Saudi Arabian ministries of investment and Foreign Affairs in collaboration with the General Secretariat of the Arab League, the China World Trade Development Council and the Alliance.
The conference, chaired by Crown Prince Mohammed bin Salman, aims to promote a “strategic” partnership based on the Belt and Road Initiative.
More than 3500 government officials, investors, business representatives and experts from 23 countries participated in the event.
