The 10th Arab-China Business Conference commenced in Riyadh on Sunday, witnessing an impressive start as 30 investment agreements worth a staggering $10 billion were signed across various sectors, including technology, renewables, agriculture, real estate, minerals, supply chains, tourism, and healthcare.
Among the noteworthy deals, the Saudi government joined hands with several Chinese entities for groundbreaking projects. A joint venture for automotive research, development, manufacturing, and sales was established, paving the way for innovation in the automotive industry. Furthermore, collaborations in tourism and app development, as well as the production of rail wagons and wheels, were also solidified.
Day 1 of the #ArabChinaConference was filled with inspiration, collaboration, and limitless possibilities. Take a look at the key highlights where we delved deep into the realm of business innovation and forged new connections that will shape the future. pic.twitter.com/CavDQQd5x8
— Arab China Business Conference (@ArabChinaConf) June 11, 2023
The conference, held on Sunday in Riyadh, not only witnessed business-to-business deals but also featured a prominent lineup of speakers. Saudi Energy Minister Prince Abdulaziz bin Salman expressed optimism about the future, stating, “I would not be surprised if you will hear more announcements soon on Saudi-Chinese investment.”
Highlights of the day
Here are key updates from the first day of summit:
- The signing of a $5.6 billion agreement between the Saudi Investment Ministry and Human Horizons, a Chinese autonomous driving technology developer and electric car manufacturer.
- A $266 million deal was inked with Hibobi Technology Ltd., an Android developer from Hong Kong, to develop tourism and other applications.
- Another significant agreement worth $250 million was facilitated by the Investment Ministry, uniting Saudi railway company SABATCO with CRRC, a Chinese manufacturer of rolling stock.
- Additionally, a $150 million deal was struck between the Investment Ministry, the Ministry of Industry and Mineral Resources, and Chinese industrial manufacturer Sunda, with the objective of manufacturing various chemical and conversion products in the Kingdom.
Prince Abdulaziz highlighted the synergies between Saudi Arabia’s Vision 2030 and China’s Belt and Road Initiative (BRI), underscoring the shared objectives of both countries.
The two-day conference, organized by Saudi Arabia’s investment and foreign ministries, in collaboration with the Arab League, the Chinese Council for the Promotion of International Trade, and the Union of Arab Chambers, attracted over 3,500 participants, including business leaders, innovators, and policymakers from 26 countries.
The financial sector plays a vital role in powering Arab-China business growth. Our panel "Financial Sector Powering Arab China Business Growth" explored the opportunities and challenges in the financial sector, focusing on how financial institutions can facilitate trade,… pic.twitter.com/mb5JchF7he
— Arab China Business Conference (@ArabChinaConf) June 12, 2023
Saudi Foreign Minister Prince Faisal bin Farhan, inaugurating the conference on behalf of Crown Prince Mohammed bin Salman, expressed the Crown Prince’s commitment to strengthening the longstanding partnership between the Arab world and China. He emphasized the conference’s significance in facilitating mutual compatibility, exchanging experiences, and fostering new opportunities for growth and investment, leading to prosperity and progress for all.
The move aligns with Saudi Arabia’s vision of diversifying its economy and utilizing modern technology to enhance the skills of its youth.