Riyadh signs 12 cooperation agreements worth $1.33 billion with Beijing, deepening their bilateral relationship.

The agreements cover infrastructure, housing, and financing. The deals were signed at the Saudi-Chinese Business Forum in Beijing.

Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail said the agreements will ‘nurture growth and shared progress’ between the two countries.

He said the agreements focus on real estate projects, which he called a ‘positive trajectory’ for the two countries.

The deepening collaboration between Saudi Arabia and China follows a successful visit by Chinese President Xi Jinping in December. During the visit, the two countries sealed 35 investment deals worth approximately $30 billion.

China’s involvement with Saudi Arabia extends beyond bilateral ties. According to a Belt and Road Initiative report, Saudi Arabia remains a pivotal trade partner for China.

The Kingdom’s prominence is particularly evident in its leading role in the Chinese engagement in the construction sector during the initial half of 2023.