The 10th Arab-China Business Conference witnessed the signing of investment agreements worth more than $10 billion, including 30 deals in various sectors.
Held under the theme of "Collaborating for Prosperity," the conference will bring together more than 3,000 government officials and business leaders from China and several Arab nations to discuss mutually beneficial cooperation in economy, trade, and investment.
The conference is jointly organized with the Union of Arab Chambers, the League of Arab States, and the China Council for the Promotion of International Trade (CCPIT).
On the sidelines of the conference, several agreements were concluded between the private and public sectors, including government-to-business deals.
The Saudi Ministry of Investment signed a $5.6 billion agreement with the Chinese company Human Horizons, which specializes in developing
autonomous driving technologies and manufacturing of electric cars under the HiPhi brand to establish a joint venture for automotive research, development, manufacturing, and sales.
- Rail wagons
The Ministry of Investment also signed a $266 million agreement with Hepopi Technology Co., Ltd., an Android software developer in Hong Kong, to develop tourism applications.
With the facilitation of the Ministry of Investment, a $250 million deal was concluded between the
Saudi Railways Company (SAPTCO) and Chinese state-owned and publicly traded rolling stock manufacturer, CRRC, inked a $250 million deal to manufacture rail wagons and wheels in Saudi Arabia.
- Iron factory
Also among the agreements is a $150 million deal between the Ministries of Investment, the Ministry of Industry and Mineral Resources (MIM), and Chinese industrial manufacturer Sunda to manufacture caustic soda, chlorine, and its derivatives, chlorinated paraffin, calcium chloride, polyvinyl chloride (PVC), and conversion products in the Kingdom.
Also, on the sidelines of the event, a $533 million deal between the AMR al-Uwlaa Company and Hong Kong-based Zhonghuan International Group to establish a factory to reduce iron ore and manufacture iron pellets for smelting plants in Saudi Arabia.
- Copper mining
Saudi Arabia's ASK Group and the China National Geological & Mining Corporation signed a $500 million cooperation agreement for developing, financing, constructing, and operating an Arabian Shield copper mining project.
A $266 million framework agreement was signed between Mabani Al- Safwah Ltd, China Gezhouba Group International Engineering Co., Ltd., and Top International Engineering Corporation Arabia Ltd. for advanced building construction in the Kingdom.
- Thousands of participants
The conference's extensive agenda attracted thousands of participants, including panel discussions, workshops, special meetings, and side events that addressed selected vital topics, such as social and environmental responsibility, governance, and enhancing the supply chain's resilience.
Over 3,000 decision-makers, senior government officials, investors, business owners, and specialists joined the conference for the first-day number of participants on the first day.
- Oil and gas
Participants of the conference's sidelines reiterated the importance of cooperation between Saudi Arabia and China, benefiting from each other's strengths to achieve common goals and drive innovation.
The topics include supply chains for the oil and gas sectors, innovation and research partnerships, challenges and solutions for global commercial supply chains, mining, and food processing.
- Tourism sector
Saudi Minister of Tourism Ahmed al-Khateeb asserted the responsibility to expand the Kingdom's contribution to the global travel and tourism market, noting that Saudi Arabia is investing more than $800 billion in the sector over the next ten years.
At the conference, Khateeb encouraged Chinese tourists to visit Saudi Arabia and called on investors to seize unprecedented opportunities in the Kingdom.
He stated that since the launch of the government's initiatives, 49 countries had been allowed to obtain e-visa and that many Arab countries are working diligently to increase their contributions to the travel and tourism sector.
Egyptian businessman Samih Sawiris, founder of Orascom Development, stressed that cooperation between Saudi and Chinese entities is the first step that can combine the power of knowledge in the Saudi market with the centrality of Beijing.
