On Sunday, the first day of the China-Arab Business Conference in Riyadh, Saudi Arabia announced billions of dollars in investment agreements between China and the Arab world.
The meeting coincides with expanding commercial and diplomatic ties between Beijing and Middle Eastern nations, including a recent historic rapprochement between regional superpowers Iran and Saudi Arabia that has altered regional relations.
This is the first time that the oil-rich monarchy is hosting the conference, which is now in its tenth edition. It brings together over 3,500 government and business officials from China and Arab countries over the course of two days, according to a statement from the Saudi investment ministry.
The event “marked its first day with the signing of $10 billion in investment agreements,” according to a statement; the overwhelming majority of the agreements are for projects in Saudi Arabia or by Saudi enterprises or government entities.
Deals worth $10 billion were agreed during the Arab-Chinese conference.
This sum includes a $5.6 billion memorandum of understanding between the Saudi investment ministry and Human Horizons, a Chinese manufacturer of electric and autonomous vehicles.
According to the statement, more than half of the total amount is contained in the memorandum of understanding, a distinct “cooperation agreement,” and a “framework agreement” involving other corporations.
It included agreements in various sectors, such as technology, agriculture, renewable energy, real estate, natural resources, and tourism.
At the beginning of the conference, the Saudi Foreign Minister, Prince Faisal bin Farisal, emphasized the potential for increased economic and commercial ties between China and Arab nations.
“This meeting is an opportunity to build a shared future toward a new, prosperous era for our peoples,” he stated.
According to the Saudi statement, AMR ALuwlaa Company and Zhonghuan International Group (Hong Kong) have reached an agreement worth $533 million for the construction of an iron factory in Saudi Arabia.
Saudi ASK Group and China National Geological & Mining Corp signed a $500 million copper mining cooperation agreement in the kingdom, according to the statement.