Saudi Arabia Signs Deals Worth $10 Billion During Arab-China Conference

The Saudi Ministry of Investment has signed investment deals worth $10 billion with Chinese companies on the first day of the 10th Arab-China Business Conference in Riyadh that was held from 11th to 12th June.

This includes a $5.6 billion agreement with Chinese EV maker Human Horizons to advance research, development and manufacturing of luxury electric vehicles in the Kingdom.

Other deals signed during the Conference cover a range of industries including technology, renewables, supply chains, agriculture, real estate, minerals, tourism, and healthcare.

Speaking at the conference Saudi Foreign Minister Faisal bin Farhan said that China is the largest trading partner of Arab countries, with the volume of trade exchange reaching $430 billion in 2022 with trade between Riyadh and Beijing reaching $106 billion during the same period.

Insight: Exploring Saudi Arabia's $15 Billion Logistics Sector Strategy

Last year in December Chinese President Xi Jinping had visited to Riyadh to strengthen political, economic, investment and trade ties between China and Saudi Arabia.

Xi's visit around the time of the launch of the first China-Arab States Summit and China-Gulf Cooperation Council (GCC) Summit resulting in the signing of several agreements and memorandums of understanding worth more than $50 billion.

The Arab-China Business Conference boasted an extensive agenda, attracting thousands of participants. Panel discussions, workshops, meetings, and side events covered a range of significant topics, including social and environmental responsibility, governance, and strengthening supply chain resilience.

The mega-gathering saw the participation of more than 3,500 business leaders, innovators, and decision-makers from over 26 countries, solidifying its status as a prominent platform for collaboration and investment opportunities.

Read More: Amazon Doubles Storage and Fulfillment Capacity in Saudi Arabia