China has issued $2 billion in dollar-denominated bonds on the Saudi stock exchange (Tadawul), its first such offering in US dollars since 2021. The move highlights deepening economic cooperation between Beijing and Riyadh.
The bonds, launched on Wednesday, attracted strong demand, with orders exceeding $25.7 billion—more than 12 times the intended amount, according to Bloomberg.
China’s Ministry of Finance had announced plans earlier this month to sell bonds with three- and five-year maturities. Bloomberg noted the choice of Saudi Arabia as an unusual venue, as such deals are typically conducted in financial hubs like London or New York.
Jessica Wong, managing partner at EW Partners—a firm supported by Saudi Arabia’s Public Investment Fund—said the decision reflects China’s interest in strengthening ties with Saudi investors.
“Issuing bonds in US dollars makes them more attractive to global investors. It’s a clear signal that China values its partnership with Saudi Arabia,” Wong told Asharq Al-Awsat.
She added that the move follows Chinese Premier Li Qiang’s visit to Saudi Arabia in September, which opened doors for further joint investment projects.
The Middle East, especially Saudi Arabia, offers major opportunities for Chinese technology companies as the region undergoes rapid economic changes, explained Wong.
Saudi Arabia is driving technological progress in key areas like logistics, infrastructure, and financial technology.
“The transformation is happening at an incredible pace, and China sees huge potential for collaboration,” Wong said.
She noted that many infrastructure and investment projects are already in progress, creating more chances for partnerships.
The region’s location, connecting Asia, Europe, and Africa, makes it a key trade hub. Wong added that the Belt and Road Initiative is boosting connectivity and opening new business opportunities for Chinese companies.
EW Partners is helping strengthen ties between Saudi Arabia and China through major initiatives, affirmed Wong.
One key project is a special economic zone at King Salman International Airport in Riyadh, designed to attract over 3,000 traders and 200 light manufacturing companies from China and Asia.
“This will create jobs, develop skills, and increase revenues for Saudi Arabia,” Wong said.
She also highlighted a $50 million deal with Lenovo’s subsidiary, Leshines, signed during the Future Investment Initiative. The investment will localize the company’s supply chain operations in Saudi Arabia.
“This is a strong example of how Chinese firms can grow sustainably in the Saudi market,” Wong added.
