China, Arab countries sign 30 agreements worth almost $10bln

[beijingwalker]

China, Arab countries sign 30 agreements worth almost $10bln​

Jun 12 2023 9:55AM

Doha, June 12 (UNI) The first day of the 10th Arab-China Business Conference in Saudi Arabia ended with the signing of 30 investment agreements worth 37.5 billion Saudi riyals ($9.9 billion), the state-run Saudi Press Agency (SPA) reported on Sunday.

The parties signed agreements in the field of technology, renewable energy, agriculture, real estate, minerals, logistics, tourism and healthcare, the report noted.

In particular, Saudi and Chinese companies, Amar Al-Oula and Zhonghuan International Group (Hong Kong), respectively, have signed a $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 $500 million agreement to develop, build and operate a copper mining project in the Arabian Peninsula region, the report added.

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 21 billion Saudi riyals to establish a joint venture for research in the development, production and sale of cars, the report said.

China, Arab countries sign 30 agreements worth almost $10bln

Doha, June 12 (UNI) The first day of the 10th Arab-China Business Conference in Saudi Arabia ended with the signing of 30 investment agreements worth 37.5 billion Saudi riyals ($9.9 billion), the state-run Saudi Press Agency (SPA) reported on Sunday.

www.uniindia.com

 

[The SC]

The Minister of Investment announces the launch of a "modern Silk Road" between China and the Arabs

https://twitter.com/x/status/1667811219250761729

https://twitter.com/x/status/1667808852195041280

He emphasized that:
"What we need in our major development phase is Chinese investments with high added value, and not only obtaining natural resources of global value in terms of manufacturing and logistical services, but also linking the region with each other and with its surroundings in Africa, Europe and Asia, which is led by China today."

He explained that "what is presented to Saudi Arabia will benefit everyone, as we believe that Saudi Arabia's economic strength is part of the strength, integration and interdependence of the economy of the greater Arab world."

Al-Falih stressed, "As the largest economy in the Middle East, and the fastest growing in the world during the past year 2022, the Kingdom of Saudi Arabia is committed to serving as a bridge connecting the Arab world with China and contributing to the growth and development of our relationship."

Deals worth $5 billion for the electric car sector at the Arab-Chinese Business Conference in Riyadh

https://twitter.com/x/status/1667897195352170502

Al-Arabiya sources: $10 billion in deals on the first day of the Arab-Chinese Business Conference in Riyadh

https://twitter.com/x/status/1667896744040882178

HKEX CEO:
There is a tendency to include the Saudi stock markets in the Hong Kong stock markets.

https://twitter.com/x/status/1668567598848458753

Bank of China intends to open its first branch in Riyadh next November.

The bank aims to introduce the Chinese currency in the Middle East region to support trade in the yuan.

https://twitter.com/x/status/1668511258658627585