Trade and economic relations between Saudi Arabia and China are anticipated to strengthen further, following an investment conference held in Beijing that saw the signing of over 60 memorandums of understanding and agreements valued at $25 billion.
The China-Saudi Investment Conference, which took place on Tuesday during a visit by Saudi Investment Minister Khalid Al-Falih to China, saw agreements across various sectors, including energy, agriculture, tourism, mining, and financial services. Additionally, agreements were reached in logistics, infrastructure, technology, and healthcare, as per a press release.
A significant deal inked during the conference was in the information and communication technology domain, where the Saudi Esports Federation and Chinese esports tournament operator VSPO signed an MoU worth $8.5 billion to foster opportunities and collaboration in eSports.
Another notable agreement was between China’s Oriental Energy Co. and Saudi’s Ajlan & Bros Holding Group Co., exploring manufacturing collaboration valued at $7.5 billion.
In the energy sector, Saudi Arabia’s Ministry of Investment partnered with China’s state-owned CRRC Group for opportunities in the Kingdom, covering renewable energy and sustainable mobility projects worth $2 billion.
Top regional heads, including representatives from Saudi Aramco, Saudi Basic Industries Corp., and ACWA Power, attended the conference.
During the event, nine Chinese companies, including Huawei and Dahua, were granted licenses to establish their regional headquarters in Saudi Arabia. This move is part of efforts to enhance bilateral cooperation.
Earlier, Saudi Arabia’s stock exchange signed an MoU with the Chinese Shenzhen Stock Exchange, focusing on joint listings and financial technology. Similarly, the Saudi Tadawul Group and the Shanghai Stock Exchange signed an MoU aimed at promoting mutual development.
Moreover, in November, the Saudi Central Bank (SAMA) and the People’s Bank of China signed a local currency swap agreement worth $6.93 billion, aiming to bolster financial cooperation between the two central banks.
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