Saudi Arabia plans $50bn Investments with China

The kingdom’s investment minister reported that during the China conference held in Saudi Arabia last week, investment agreements worth about $50 billion were struck.

Khalid Al Falih, who spoke to press men on the sidelines of a conference on Sunday in the Saudi capital of Riyadh, said the agreements involved both the public and private sectors. Later, the ministry clarified that the agreements only applied to Saudi Arabia and China and excluded other Middle Eastern nations that have participated in summits with the Chinese leader.

Saudi Crown Prince Mohammed bin Salman’s hosting of a conference last week with Chinese President Xi Jinping demonstrated the growing connections between Beijing and the Persian Gulf state. Although the visit included cordial remarks about the Middle East and China being united, the majority of the agreements announced were memorandums of understanding that lacked concrete deadlines or commitments.

According to a release, more than 30 agreements were struck between Saudi and Chinese businesses in the areas of green energy, logistics, cloud computing, and housing.

In terms of energy policy and exploration, China wants to improve coordination with Saudi Arabia and its neighbours. The monarchy and Russia jointly control the de facto leadership of OPEC+, a cartel of oil producers that supplies about half of global oil demand.

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