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Saudi Arabia and China sign 34 investment deals: Reports

The deals cover green energy, hydrogen production, photovoltaic energy, information technologies and services, transport, logistics, medical industry and construction.

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Doha:  Saudi and Chinese companies have signed 34 investment agreements as part of Chinese President Xi Jinping’s visit to Saudi Arabia, Saudi state media reported on Thursday.

The signing ceremony took place on Wednesday. 

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The deals cover green energy, hydrogen production, photovoltaic energy, information technologies and services, transport, logistics, medical industry and construction.

The agreements reflect Saudi Arabia and China’s intention to boost bilateral cooperation in all areas, Saudi Investment Minister Khalid bin Abdulaziz Al-Falih was cited as saying in the report.

The Gulf monarchy offers “unprecedented” opportunities for investments in various areas, including renewable energy, industry, communications, biotechnology, tourism and construction, as part of the Saudi Vision 2030 — the economic development program to reduce the country’s dependence on oil, diversify its economy, and develop various public service sectors, Al-Falih added.

In 2021, the Chinese-Saudi trade reached 304.3 billion Saudi riyals ($81 billion) — a 37% increase from 221.6 billion Saudi riyals in 2020.

Xi arrived in Riyadh for a three-day visit on Wednesday at the invitation of Saudi Arabian King Salman bin Abdulaziz Al Saud. 

The Chinese head is scheduled to hold talks with the kingdom’s leadership, heads of the Arab Gulf countries and the Gulf Cooperation Council. This is Xi’s third trip abroad since the start of the COVID-19 pandemic. 

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