2023-06-13 03:42:00
Riyadh: At the Arab-China trade conference held in Riyadh, an agreement worth more than one thousand billion dollars was signed. In a statement issued by the Saudi State News Agency, the Saudi Ministry of Investment has signed a memorandum of understanding worth 5.6 billion dollars with Chinese electric self-driving car manufacturers and sellers Human Horizons alone.
The Saudi project is a domestic electric vehicle manufacturing industry. Human Horizons is a vehicle manufacturing factory under the HIPHI brand in China.
The agreements were signed in various sectors such as technology, agriculture, renewable energy, real estate, metals, tourism, healthcare and natural resources.
As part of the country’s diversification agenda, the signing of an agreement between the world’s biggest oil exporters, Saudi Arabia and China, is likely to increase investment in non-oil sectors.
It is also noteworthy that this year’s trade conference was held in the context of growing diplomatic and commercial relations between Beijing and the Middle Eastern countries. More than 3,500 government officials and heads of business organizations from China and Arab countries attended the conference.
AMR Al Ula Company and China’s Songhuan International Group signed a $5.33 million agreement to set up an iron factory in Saudi Arabia, and Saudi ASK Group and the Chinese National Geological and Mining Corporation signed a $500 million cooperation agreement for copper mining.
Saudi Foreign Minister Faisal bin Farhan said at the opening conference that the increase in trade and economic relations between China and Arab countries opens up great possibilities.
Chinese foreign investment to the Arab market was 23 billion dollars in 2021. Of that, Saudi Arabia had 3.5 billion dollars.
CONTENT HIGHLIGHTS: Saudi-China trade conference with billions of contracts signed
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