Riyadh: The 10th Arab-China Business Conference commenced in Saudi Arabia, representing the largest edition to date. This significant event witnessed the signing of impressive investment agreements worth $10 billion during its first day.
These agreements covered a diverse range of sectors, including technology, renewables, agriculture, real estate, minerals, supply chains, tourism, and healthcare. Furthermore, more than 30 deals were inked, showcasing the growing economic cooperation between Arab and Chinese businesses.
The conference attracted over 3,500 participants, including business leaders, innovators, and policymakers from 26 countries.
The Arab-China Business Conference Day – 1
Notably, several remarkable B2B deals were signed on the sidelines of the conference. The AMR ALuwlaa Company and Zhonghuan International Group (Hong Kong) Limited agreed to establish a factory for iron ore reduction and iron pellet manufacturing, with an investment of $533 million, amongst several other deals.
Saudi Arabia’s ASK Group and China National Geological & Mining Corp. sealed a cooperation agreement worth $500 million for the development, financing, construction, and operation of a copper mining project in the Arabian Shield.
Moreover, Mabani Al-Safwah Ltd, China Gezhouba Group International Engineering Co., Ltd., and Top International Engineering Corporation Arabia Ltd. signed a $266 million framework agreement for advanced building construction in Saudi Arabia.
Additionally, MISA signed a $266 million deal with Hong Kong-based Android developer Hibobi Technology Limited to develop tourism and other apps. Another significant agreement facilitated by MISA involved the manufacture of rail wagons and wheels in Saudi Arabia, with a value of $250 million, through a partnership between Saudi railway company SABATCO and Chinese rolling stock manufacturer CRRC.
Furthermore, MISA, the Ministry of Industry and Mineral Resources (MIM), and Chinese industrial manufacturer Sunda agreed on a $150 million deal to establish manufacturing facilities for various products, including caustic soda, chlorine derivatives, and polyvinyl chloride (PVC).
The Arab-China Business Conference Day – 2
The second day of the conference was equally impactful, and featured keynote speeches, private meetings with government leaders and influential personalities, and specialized workshops. These workshops delved into key topics such as supply chains in the oil and gas sectors, innovation and research partnerships, global commercial supply chain challenges and solutions, mining, and food processing. Senior officials from both the public and private sectors actively participated in the conference.
Concluding the program, Dilma Rousseff, former president of Brazil and current president of the New Development Bank, delivered a closing keynote. The New Development Bank, established by BRICS countries, aimed to mobilize resources for infrastructure and sustainable development projects in emerging markets and developing economies. Rousseff’s address provided valuable insights into infrastructure financing and sustainable development.
The 10th Arab-China Business Conference has already made a remarkable impact, showcasing the immense potential for cooperation and economic growth between Arab and Chinese businesses. The signed investment agreements and the participation of key stakeholders demonstrate the commitment to strengthening bilateral relations and fostering innovation, trade, and investment in diverse sectors.