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China-Saudi Investment Conference to Kick off in Beijing Next Tuesday

Saudi Arabia is seeking to increase investments and trade exchange worldwide. (Asharq Al-Awsat)
Saudi Arabia is seeking to increase investments and trade exchange worldwide. (Asharq Al-Awsat)
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China-Saudi Investment Conference to Kick off in Beijing Next Tuesday

Saudi Arabia is seeking to increase investments and trade exchange worldwide. (Asharq Al-Awsat)
Saudi Arabia is seeking to increase investments and trade exchange worldwide. (Asharq Al-Awsat)

China will be hosting the China-Saudi Investment Conference in Beijing next Tuesday, SPA said on Saturday.
The Ministry of Investment is organizing the event in coordination with the China Chamber of Commerce for the Import and Export of Machinery and Electronic Products (CCCME).
The event will take place on the sidelines of a visit by Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih to China and the Hong Kong Special Administrative Region from 7 - 12 December 2023.
This conference aims to enhance the existing strategic partnership between Saudi Arabia and China in investment, trade, and the economy. It is aligned with the Kingdom's Vision 2030, which seeks to strengthen strategic partnerships and advance trade and investment activities in various fields.
The conference also supports the Chinese Belt and Road Initiative, which aims to connect Asia with Africa and Europe.
More than 700 attendees, including high-level government representatives, senior officials, CEOs, investors, and entrepreneurs, are anticipated at the conference. Their focus will center on reviewing and discussing investment opportunities and initiatives aimed at fostering increased cooperation between the two countries.
The conference agenda includes dialogue sessions covering various topics, such as clean energy, finance, investment, mining, metals, tourism, entertainment, food security, agriculture, logistics services, shipping, supply chains, digital economy, artificial intelligence, modern manufacturing industries, and advanced technology through workshops.
In addition to the conference, the minister will embark on visits to several Chinese cities to meet with business leaders in those regions. Technical teams from the Ministry will conduct workshops and field visits in these cities to explore cooperation opportunities aimed at enhancing economic and investment relations. Participation is expected from representatives in both the government and private sectors.
During the recent Asia Future Investment Initiative (FII) Priority Summit held in Hong Kong, the Minister of Investment took part in a symposium. Here, he emphasized the pivotal role of the Middle East region in fostering prosperity among Southern countries. He stressed the significance of energy and digital transformation as tools for achieving development leading the region towards globalization.
The diplomatic ties between the Kingdom and China span over 30 years, with China currently being Saudi Arabia's largest trading partner. The trade and investment between the two nations have shown significant growth in recent years.

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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.