JEDDAH: Saudi Arabia and China signed 42 investment agreements worth over $1.74 billion across advanced industries, smart vehicles, and energy.
The deals, which also covered medical devices, equipment, and mineral resources, were inked at the Saudi-Chinese Business Forum in Beijing, attended by Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef, as part of his official visit.
Organized by the Federation of Saudi Chambers, the forum gathered around 200 companies and public and private sector representatives from both countries, the Saudi Press Agency reported.
This follows growing bilateral trade between Saudi Arabia and China, which surpassed SR403 billion ($107.5 billion) in 2024 — more than doubling in less than a decade — driven by shared goals such as Saudi Vision 2030 and China’s Belt and Road Initiative.
In a post on his X handle, Alkhorayef said: “During my participation in the Saudi-Chinese Business Forum in the capital, Beijing, I affirmed the strength of the partnership between our two friendly nations, and the Kingdom’s keenness to expand this partnership to support our goals in industry and mining, strengthen international supply chains, and enhance our presence as an economic force contributing to the growth of the global economy.”
He noted Saudi Arabia remains a key supplier of fuel, petrochemicals, and advanced materials, while China is the largest source of machinery, electronics, transport equipment, and consumer goods, with trade increasingly diversifying into high-value industries.
The minister highlighted that Chinese investment in Saudi Arabia grew about 30 percent in 2024, surpassing SR31 billion, with growth in mining, automotive manufacturing, and petrochemicals. More than 750 Chinese companies operate in the Kingdom, including investors in NEOM, Jubail Industrial City, and Jazan City for Primary and Downstream Industries.
Conversely, Saudi investments in China exceed SR8 billion, alongside memorandums of understanding with Chinese financial institutions valued at $50 billion.
Alkhorayef emphasized the alignment of Vision 2030 with the Belt and Road Initiative to enhance connectivity, expand trade, and build resilient industrial systems.
He added that efforts are underway to establish new supply chain corridors linking Asia with the Middle East, Africa, and Europe, reinforcing Saudi Arabia’s role as a global industrial and logistics hub.
