2023-06-12 14:21:21
Saudi Energy Minister Prince Abdulaziz bin Salman said that the Kingdom and China have a great deal of cooperation.
The minister added – during his participation in the tenth session of the Arab and Chinese Businessmen Conference in Riyadh – that Saudi Arabia ignores criticism of its growing relations with Beijing.
He pointed out that the demand for oil in China is still increasing, stressing that the Kingdom is involved with everyone, and hopes to export electricity to India.
The Arab-Chinese Business Conference concludes its first day with the signing of agreements worth more than $10 billion.https://t.co/VQbkLQJd3J#Vas_economic pic.twitter.com/jIX8UUZKqo
– SPA Economic (@SPAeconomic) June 11, 2023
Meanwhile, the Saudi Ministry of Investment signed an agreement with the Chinese company “Human Horizons”, which specializes in developing self-driving technologies and manufacturing electric cars.
The value of the deal is $5.6 billion to establish a joint venture for research and development, manufacturing and sales of electric vehicles.
The deal represents more than half of the volume of investment agreements worth more than $10 billion that were signed on the first day of the Arab-Chinese Businessmen Conference in Riyadh on Sunday.
This includes the amount agreements and deals In a number of sectors, such as technology, renewable energy sources, agriculture, real estate, minerals, supply chains, tourism and healthcare.
Among the deals and agreements is a deal worth $533 million between Amar First Company and Zhonghuan International Group Limited, to establish a plant for processing iron ore and manufacturing iron pellets for smelting plants.
The event coincides with a significant growth in trade between the Arab world and China.
The value of trade between the two sides reached $430 billion in 2022, of which more than $106 billion is between China and Saudi Arabia, with a growth rate of 30% compared to 2021.
Beijing’s foreign direct investment in the markets of the Arab world reached $23 billion in 2021, of which $3.5 billion is in Saudi Arabia.
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