Beijing, China – China and Saudi Arabia signed over 60 MoUs and agreements worth over $25 billion at the investment conference in Beijing. The conference was attended by more than 1,000 government and business leaders.
Agreements were signed in key sectors including energy, agriculture, tourism, mining, financial services, logistics, infrastructure, technology and healthcare, following a six-day visit to China and Hong Kong by the Saudi Minister of Investment Khalid Al-Falih and a Saudi Delegation.
MoUs and agreements signed at the conference include:
ICT – between SEF and VSPO to Promote opportunities, cooperation, and participation in eSports worth $8.5 billion.Â
Manufacturing – between Oriental Energy Company and Ajlan & Bros Holding Group Company to explore areas of collaboration in manufacturing worth $7.5 billion.
Energy – between Saudi Ministry of Investment (MISA) and CRRC Group (China) to develop opportunities in Saudi Arabia covering project development and manufacturing of renewable energy and sustainable mobility worth $2 billion.Â
Saudi companies such as Aramco, SABIC and ACWA Power were in attendance at the conference. They made a series of presentations, panel discussions and sessions, including cleaner energy, investment and financing, mining and minerals, tourism, agriculture, digital economy and AI, advanced manufacturing, and special economic zones.
The conference also saw nine new regional headquarter licences handed over to Huawei, Dahua, China Railway Construction Corporation, China Comservice, China Harbour Engineering Company, China Civil Engineering Construction Corporation, BGI, Nuctech and iMile. The RHQ program invites global companies to relocate their regional headquarters to Saudi Arabia where they can benefit from a range of incentives including a recently announced 30-year tax holiday for RHQ activities.
The Saudi delegation also visited Shenzhen, Guangzhou, Shanghai, and Hong Kong.
“Saudi Arabia’s Vision 2030 and China’s Belt and Road Initiative are highly complementary and underscore the shared commitment of China and Saudi Arabia to infrastructure development, global connectivity, and trade expansion,” a press release issued by Saudi Ministry of Investment said. “The China-Saudi Investment Conference served as a pivotal milestone in nurturing this strategic partnership, following the success of the 10th Arab-China Business Conference in June earlier this year, and builds on the momentum generated during the visit to Saudi Arabia led by Chinese President Xi Jinping in December last year.”