RIYADH: A SR300 million China Mart is soon to be established in Riyadh to display Chinese products ranging from furniture to ceramics.
The market will be the first of a number of projects to be implemented by the newly established “Chinese Competition Spirit” company — a Saudi-Chinese joint venture established by Saudi businessman Sheikh Abdul Aziz Al-Kridis and his Chinese counterpart Wei Shiming.
Chinese Ambassador to the Kingdom Yang Honglin described the project as a reflection of the economic importance of Saudi Arabia, which is China’s largest trade partner in West Asia. He expects the volume of trade between Riyadh and Beijing to rise to more than $40 billion by the end of the current year.
Talking to Arab News, the ambassador said the Kingdom has become the largest supplier of energy to China, adding that the establishment of joint venture projects between the two countries would boost their strategic economic partnership.
Al-Kridis, who is chairman of the new firm, said the company is currently negotiating with a number of Saudi establishments to prepare a site for the project on an area not less than 100,000 square meters that would accommodate about 250 shops for Chinese companies to display their products in 12 sectors covering home and office furniture, ceramics, décor accessories, home appliances and others.
He said the new company has set the third quarter of 2009 as a date for the opening of the China market, which is expected to attract Saudi businessmen to sign wholesale and retail contracts with their Chinese counterparts to import high-standard Chinese products and sell them to local consumers at competitive prices.
Shiming, CEO of the company, said the company is looking forward to executing a number of projects in the Kingdom including an office tower and a residential city in Riyadh.