Saudi Arabia

Saudi Hosts Largest Arab-Chinese Business Meet With $10 Billion Investments

The agreements included 30 investment deals in sectors such as technology, renewables, agriculture, real estate, minerals, supply chains, tourism, and healthcareThe first day of the 10th Arab and Chinese business meet, billed as the largest of its kind hosted by Saudi Arabia, witnessed the signing of investment agreements worth more than $10 billion.

The agreements included 30 investment deals in sectors such as technology, renewables, agriculture, real estate, minerals, supply chains, tourism, and healthcare.

Among the investment deals signed were the $533 million deal between Amar Al-Oula and Zhonghuan International Group, Hong Kong, to set up an iron ore processing plant and manufacture iron pellets for smelting plants in Saudi Arabia, and an agreement worth $500 million between ASK Group and the China National Geological and Mining Company to set up a copper mining project in the Arabian Shield region.

The $266 million investment pact between Al-Safwa Buildings Company Limited, Gizuba International Engineering Group Company Limited, and Top Arabia International Engineering Company Limited for the construction of advanced buildings in Saudi Arabia was also signed on the first day of the meeting.

The conference also witnessed the signing of a number of agreements between the public and private sectors, including an agreement between the Ministry of Investment and the Chinese company Human Horizons, which specialises in developing self-driving technologies and manufacturing electric vehicles under the HiPhi brand, to establish a joint venture for research, development, manufacturing and sales of vehicles.

Another agreement worth $266 million between the Ministry of Investment and Hipopi Technology Company, an Android software developer in Hong Kong, to develop applications in the field of tourism and a number of other applications, and a $250 million deal between the Saudi Railways Company (SABATCO) and the Chinese government-owned and listed company CRRC were also signed.

A $150 million deal between the Ministry of Investment, the Ministry of Industry and Mineral Resources on the one hand, and the Sunda Industrial Manufacturing Company, on the one hand, and aims to produce caustic soda, chlorine and its derivatives, chlorinated paraffin, and calcium chloride, Polyvinyl Chloride (PVC) and related conversion products in Saudi Arabia.

The business meeting saw thousands of participants, and featured panel discussions, workshops, special meetings, and side events that discuss a number of selected major topics.

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Arabian Business
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