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Saudi, China sign 34 investment agreements as Xi embarks on 'epoch-making' Middle East visit

Volume of trade exchange between the two countries amounted to SR304 billion in 2021, while trade exchange in the third quarter of 2022 recorded SR103 billion

Published: Thu 8 Dec 2022, 1:12 PM

Updated: Thu 8 Dec 2022, 9:30 PM

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  • SPA

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Photos: SPA

Photos: SPA

Saudi Arabia and China signed 34 investment agreements on Wednesday related to green energy, information technology, logistics, and medical industries, among others. This comes as Chinese President Xi Jinping embarks on an 'epoch-making' visit to Saudi Arabia, one that Beijing is hailing as its biggest diplomatic initiative in the Arab world.

The agreements were signed in the presence of the Minister of Investment, Eng Khalid bin Abdulaziz Al-Falih, and representatives of related government agencies. Other sectors covered by the agreements include green hydrogen, photovoltaic energy, cloud services, transportation, housing and construction factories.

Eng. Al-Falih noted that the visit reflects the keenness of the leaderships of the two countries to develop and strengthen relations in all fields. He added that the Kingdom and the People's Republic of China enjoy a close partnership that has witnessed comprehensive development over the past years.

In light of the Kingdom's ongoing push towards Vision 2030, the minister called on more Chinese companies and investors to visit the Kingdom and benefit from investment opportunities.

The Chinese delegation is expected to sign deals worth $30 billion with Riyadh, Saudi state media had earlier said. The volume of trade exchange between the two countries amounted to SR304 billion in 2021, and trade exchange in the third quarter of 2022 recorded SR103 billion.

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