Other BriefingsThe Arab-China Business Conference: US$10 Billion JV Agreements Signed
The tenth Arab-China Business Conference has been taking place in Saudi Arabia, ending with the signing of 30 investment agreements worth SR37.5 billion, (¥71 billion).
The parties signed agreements in the field of technology, renewable energy, agriculture, real estate, minerals, logistics, tourism and healthcare
Of special note, the Saudi and Chinese companies, Amar Al-Oula and Zhonghuan International Group (Hong Kong) signed a US$533 million deal to set up an iron ore processing plant and produce iron pellets for smelters in Saudi Arabia. ASK Group and the China National Geological and Mining Corporation also entered into a US$500 million agreement to develop, build and operate a copper mining project in the Arabian Peninsula region.
The Saudi Ministry of Investment and Chinese company Human Horizons, which specializes in the development of self-driving technologies and the production of electric vehicles under the HiPhi brand signed an agreement for US$5.6 billion to establish a joint venture for research in the development, production, and sale of EV cars.
China is the largest trading partner in the Arabic world, with multilateral trade reaching US$430 billion in 2022, a 31% increase from 2021. Of this total, about 25% is bilateral trade between China and Saudi Arabia, accounting for about US$106.1 billion in 2022, a 30% increase over 2021.
China and the Gulf Cooperation Council are currently negotiating a Free Trade Agreement which when completed, is likely to push that figure still higher. Saudi Arabia is also a candidate nation to join the BRICS Plus grouping and is a dialogue partner to the Shanghai Cooperation Organisation.
Dezan Shira & Associates has a regional office in the UAE and a partner firm in Saudi Arabia. For Arabic investment intelligence and assistance please email us at dubai@dezshira.com
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