Riyadh sign $1.33B deals to deepen ties with Beijing
BY Insider Desk
August 18, 2023
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.
Saudi Arabia is committed to fostering a deeper partnership with China. The two countries have achieved a lot, including three summits held during the visit of Chinese President Xi Jinping in December. Saudi Arabia has significant investment potential, especially in the housing sector.
Therefore, the country plans to build over 300,000 housing units across 17 cities. The agreements will help to bolster joint initiatives in urban infrastructure, housing, real estate development, and financing.
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.
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