The summit aimed to enhance commercial and diplomatic ties between China and Arab countries. On the first day of the conference, investment agreements worth $10 billion were signed. The investment agreements covered various sectors such as technology, agriculture, renewable energy, real estate, natural resources, and tourism
On 11th June 2023, the China-Arab business conference was held in Riyadh, Saudi Arabia. The meeting happened amidst the expanding commercial and diplomatic relationships between Beijing and Middle Eastern nations, including a recent historic reconciliation between regional powerhouses Iran and Saudi Arabia mediated by China that has changed regional relations.
- The summit aimed to enhance commercial and diplomatic ties between China and Arab countries.
- The event brought together over 3,500 government and business officials from both sides.
- On the first day of the conference, investment agreements worth $10 billion were signed.
- The majority of the investment deals were focused on projects in Saudi Arabia or involved Saudi firms and government entities.
- A significant portion of the $10 billion included a $5.6 billion memorandum of understanding between the Saudi investment ministry and Human Horizons, a Chinese electric and self-driving car manufacturer.
- Specific deals mentioned in the statement included a $533 million agreement between AMR ALuwlaa Company and Zhonghuan International Group for an iron factory in Saudi Arabia,
- Also, a $500 million cooperation agreement was signed on copper mining between Saudi ASK Group and the China National Geological & Mining Corp.
Saudi Foreign Minister Prince Faisal bin Farhan highlighted the potential in increased trade and economic ties between China and Arab countries. “This meeting is an opportunity… to build a shared future towards a new, beneficial era for our peoples,” he said.
He further stated that Saudi-China trade, which makes up about 25 percent of the total volume of trade exchange between China and Arab countries, reached $106.1 billion in 2022, a 30-percent rise from 2021.
Ahmed Aboul Gheit, the secretary-general of the Arab League, stated in his speech that Saudi Arabia’s hosting of the conference is a continuation of its successful initiatives since the first China-Arab States Summit in Riyadh in 2022, which gave “a new impetus” to the Arab-China partnership in several fields.
