Saudi Arabia and China have signed 30 investment agreements worth $10 billion across various sectors including technology, renewables, minerals, supply chains, and healthcare on the first day of the 10th Arab-China Business Conference.
According to the Investment Ministry, the Saudi government signed deals with several Chinese entities for projects including a joint venture for automotive research, development, manufacturing and sales, development of tourism and other apps, and production of rail wagons and wheels in the Kingdom.
Several business-to-business deals were also signed at the key business event that began in Riyadh on Sunday.
The deals include a $5.6 billion agreement between the Kingdom and Human Horizons, a Chinese developer of autonomous driving technologies and manufacturer of electric cars, to establish a joint venture for automotive research, development, manufacturing and sales.
Speaking at the event, Saudi Energy Minister Prince Abdulaziz bin Salman said: “I would not be surprised if you will hear more announcements soon on Saudi-Chinese investment.”
He said the Kingdom seeks collaboration with the world’s second-largest economy instead of competition.
Prince Abdulaziz added there are synergies between the two countries, as the Kingdom is progressing steadily with its Vision 2030 plan, while China is pursuing its Belt and Road Initiative.
