Saudi & Chinese firms sign 34 investment agreements in various sectors

By Shilpa Annie Joseph, Official Reporter
  • Follow author on
Saudi & India Investment bridge
Representational Image

Saudi and Chinese companies have signed 34 investment agreements, within the framework of the visit of the President of the People’s Republic of China, Mr. Xi Jinping to the Kingdom.

The agreements between the two sides covered several sectors in the fields of green energy, green hydrogen, photovoltaic energy, information technology, cloud services, transportation, logistics, medical industries, housing, and construction factories.

On the occasion, Saudi Arabia’s Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih confirmed that the agreements reflect the Kingdom’s keenness under the leadership of the Custodian of the Two Holy Mosques and HRH Crown Prince to develop the Kingdom’s relations in all fields including economic and investment with the friendly Republic of China.

Eng. Al-Falih said that “this visit reflects the keenness of the leaderships of the two countries to develop and strengthen relations and partnership between the two countries in all fields, including economic and investment, adding that the visit will contribute to raising the pace of economic and investment cooperation between the two countries.”

HE Khalid Al Falih
HE Khalid Al Falih
Saudi Minister of Investment

“The Kingdom and the People’s Republic of China have solid relations and a close partnership that witnessed comprehensive development over the past years, especially after the mutual visits between the leaderships of the two countries, which resulted in fruitful cooperation that included various fields. The Kingdom, in light of Vision 2030, offers unprecedented investment opportunities in various sectors including renewable energy, industry, communications, information technology, biotechnology, tourism, building and construction, and others, expressing his aspiration to enhance investments between the Kingdom and China, calling on Chinese companies and investors to come to the Kingdom and benefit from investment opportunities with rewarding returns.”

According to the statement, the volume of trade exchange between the two countries amounted to $80 billion (304 billion Saudi riyals) in 2021, and trade exchange in the third quarter of 2022 recorded $27 billion (103 billion Saudi riyals).

“The Ministry of Investment works in cooperation with many partners in the public and private sectors in the Kingdom, to search for distinguished investment opportunities and attract investments to them, and to provide a supportive infrastructure, and an attractive, stimulating and safe investment environment,” the Saudi Minister further added.

Related: Oman Investment Authority to launch strategic projects in various sectors