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34 investment agreements signed between Saudi Arabia and China

While China’s relations with Arab countries, which started with political support, develop with economic cooperation, Chinese President Xi Jinping’s visit to Riyadh and the first China-Arab Countries Summit will take China’s relations with the Middle East to a new dimension.

According to the news of Saudi Arabian official agency SPA, within the scope of Chinese President Xi Jinping’s visit to the country, such as green energy, green hydrogen, photovoltaic solar energy, information technology, cloud services, transportation, logistics, medical industries, housing and construction factories. 34 investment agreements covering various sectors were signed.

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Speaking at the signing ceremony, Saudi Arabian Investment Minister Khalid bin Abdulaziz al-Falih stated that the said agreements reflect Saudi Arabia’s desire to develop relations with China in all areas, including economy and investment.

Stating that the visit of the President of China reflects the determination of the leaders of the two countries to develop and strengthen the relations and partnership between the two countries in all fields, including economy and investment, Falih said that the visit will contribute to increasing the pace of economic and commercial relations and investments.

Unprecedented investment opportunities

Stating that the deep-rooted relations between the two countries have shown a comprehensive development in recent years after the mutual visits of the leaders, Falih noted that his country offers unprecedented investment opportunities in various fields such as renewable energy, industry, communication, information technology, biotechnology, tourism and construction within the scope of its 2030 vision.

 

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It started with politics and continues with economy

Providing political support to the countries in the Middle East and North Africa, Beijing has become one of the largest commercial partners and investors of the Arab countries economically.

While the success of the revolution in 1949 in the country was a turning point in Beijing’s relations with Arab countries, while supporting Algeria’s struggle for independence and the Palestinian cause, Arab countries strongly supported China’s regaining its seat in the United Nations (UN) in 1971, Taiwan. He stood by his side as well. The Sino-Arab Cooperation Forum was established in 2004 to improve cooperation between the parties. Until 1990, China was not among the top three trading partners of Arab countries. While China’s mutual trade with Arab countries was 36.7 billion dollars in 2004, this figure increased to 200 billion dollars in 2012 and to 330 billion dollars in 2021. Thus, China

Oil isn’t the only thing that draws China to the Gulf.

It is stated that oil is not the only thing that draws China to the Gulf. The fact that Qatar is the world’s number one natural gas exporter is also among the reasons for Beijing’s orientation to this region. 

Middle East an “indispensable” energy source for China

Being the world’s largest oil importer, China imports more than 10 million barrels of crude oil per day, half of which is from Middle Eastern countries. Middle East Studies Center (ORSAM) Researcher Sercan Çalışkan stated that the energy imports of China, which is the world’s largest oil importer, from Middle East countries are at the top of China’s economic interests in the region, and Beijing, which imports more than 10 million barrels of crude oil per day, said. He noted that his administration supplies half of this import from Middle Eastern countries.

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