Riyadh Paves the Way for Expanding China’s Economic Relations with Gulf and Arab Countries

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Riyadh Paves the Way for Expanding China’s Economic Relations with Gulf and Arab Countries

Chinese President Xi Jinping is expected to arrive in Saudi Arabia on Thursday, for a two-day official visit at the invitation of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.

The Saudi business sector in particular, and the Gulf and Arab countries in general, are looking forward to the visit to review prospects for expanding economic, trade and investment cooperation with China.

The program will include the Riyadh-Gulf-Chinese Summit for Cooperation and Development, and the Riyadh-Chinese Arab Summit for Cooperation and Development, with the participation of leaders of the GCC and Arab countries.

As international attention turns to the Saudi capital, which is hosting the first qualitative summit amid extremely complex geopolitical conditions, Chen Weiqing, the Chinese ambassador to the Kingdom, stressed that Beijing was ready to deploy joint efforts with Riyadh, to continue deepening relations towards a comprehensive strategic partnership.

Experts told Asharq Al-Awsat that the two summits would strengthen the economic, trade and investment partnership between Saudi Arabia and China in particular, and between China and the Arab countries in general.

They noted that the Saudi-Chinese joint cooperation strategy would open economic prospects to face global challenges and the geopolitical conditions and polarizations produced by the Russian-Ukrainian war.

Dr. Abdulaziz bin Othman bin Saqr, head of the Gulf Research Center, underlined the importance of the Saudi-Chinese relations, pointing to the increase in trade exchange and the growth of cooperation in various fields.

“The giant qualitative leap for Saudi-Chinese relations came after the visit of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, to China in 2017. One of the yields of this visit was the signing of cooperation agreements worth $65 billion,” he told Asharq Al-Awsat.

“Consequently, the volume of trade exchange between Riyadh and Beijing jumped to more than $67 billion last year,” he noted.

The importance of economic relations between Saudi Arabia and China, according to Bin Saqr, lies in the political and economic significance of the two countries.

He said that both were members of the Group of Twenty - the world’s richest states – in addition to China being the first economic partner of the Kingdom, and the second largest economy after the United States.

The head of the Gulf Research Center stressed that cooperation between Riyadh and Beijing under the Kingdom’s Vision 2030 would achieve expansion of the economic base, the diversification of income sources, and an increase in the private sector’s contribution to the gross domestic product.

On the political level, Bin Saqr pointed to a Gulf-Chinese consensus on the need to alleviate global tension.

For his part, Fadel bin Saad Al-Buainain, member of the Saudi Shura Council, affirmed that the visit of the Chinese president to the Kingdom would contribute to strengthening the economic, investment and trade partnership between the two countries.

The Saudi-Chinese summit paves the way for closer economic relations between the East and the West, according to a strategic perspective that would make the Middle East region more secure and stable, he remarked.



Albudaiwi, Holds Separate Discussions with Guterres, Kallas on Latest Regional Issues

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
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Albudaiwi, Holds Separate Discussions with Guterres, Kallas on Latest Regional Issues

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi

Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi discussed developments in the Middle East and efforts to de-escalate tensions with UN Secretary-General António Guterres.

During a phone call, the two sides reviewed a range of regional and international issues of mutual concern, with particular focus on the latest developments related to Israeli military operations targeting the Islamic Republic of Iran, as well as ongoing efforts to promote de-escalation and enhance regional security and stability, SPA reported.

Albudaiwi reaffirmed the commitment of the GCC member states to supporting international and UN-led efforts, as reflected in the statement issued following the 48th Extraordinary Ministerial Meeting of the GCC Ministerial Council on regional developments.

The council underscored the urgent need for an immediate ceasefire to preserve regional security and stability. It also called on all parties to work collaboratively to de-escalate tensions, prioritize diplomacy as a constructive means of resolving conflicts, and exercise maximum restraint to shield the region and its people from the dangers of war.

For his part, Guterres praised the GCC’s positive role in supporting de-escalation efforts and promoting regional security. He emphasized the United Nations’ desire to strengthen cooperation with the GCC across various areas of shared priority.

Also, Albudaiwi discussed developments in the Middle East with the High Representative of the European Union for Foreign Affairs and Security Policy and Vice President of the European Commission Kaja Kallas during a phone call.

During their talks, they discussed the latest developments in the Middle East and international efforts to advance the peace process, in addition to exchanging views on ways to elevate regional and international coordination to foster security and stability in the region.

Both officials stressed the need to move forward in supporting de-escalation efforts in the region to achieve lasting peace in the region and the world.