The first day of the 10th Arab – China Business Conference saw the signing of 30 investment agreements worth $10 billion across various sectors including technology, renewables, agriculture, real estate, minerals, supply chains, tourism, and healthcare.

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.

In particular, a $250 million deal, facilitated by the Ministry of Investment, was signed between the Saudi Railways Company (SABATCO) and the Chinese government-owned CRRC Corporation, which is a rolling stock manufacturer, to manufacture a number of train carriages and wheels in the Kingdom.

 In addition to a $150 million deal signed between the ministries of Investment and Industry and Mineral Resources and the Sunda Manufacturing Company to produce caustic soda, chlorine, and its derivatives, chlorinated paraffins, calcium chloride, polyvinyl chloride (PVC), and related conversion products in the Kingdom.

The trade and investment event, organized by the Saudi Ministry of Investment in partnership with the Secretariat General of the Arab league, the China Council for the Promotion of International Trade, and the Federation of Arab Chambers, coincides with a remarkable growth in trade between the Arab world and China, the total value of which amounted to $430 billion in 2022, of those more than $106 billion was between China and Saudi Arabia alone, with a growth rate of 30 percent compared to 2021. 

It is worth noting that China’s foreign direct investment in the markets of the Arab world amounted to $23 billion in 2021, of which $3.5 billion was in the Kingdom of Saudi Arabia.