$10bn investment agreements inked at Arab China summit

The 10th Arab-China Business Conference marked its first day with the signing of $10 billion in investment agreements, spanning more than 30 deals across an array of sectors including technology, renewables, agriculture, real estate, minerals, supply chains, tourism and healthcare. 


The conference witnessed participation from high officials in the kingdom, senior executives and decision-makers in the public and private sectors across Arab countries and China.


It was the largest edition to date with more than 3,500 attendees from 26 countries and the first to be hosted by Saudi Arabia, said the organisers. 


On behalf of His Royal Highness, Prince Mohammad bin Salman, the Crown Prince, Prime Minister, the event was inaugurated by Prince Faisal bin Farhan bin Abdullah Al Saud, Minister of Foreign Affairs of the Kingdom of Saudi Arabia.


The programme of plenaries, workshops, special meetings and side events dedicated to topics such as ESG and supply chain resilience attracted more than 3,500 business leaders, innovators and policymakers from 26 countries. 


The conference's theme, "Cooperation for Prosperity," confirms the importance, potential, and shared vision for the next frontiers of trade and investment relations shared between the Arab world and China. 


The event outlines methods for achieving mutual compatibility, exchanging experience and launching new opportunities that enable growth and investment, resulting in prosperity and progress for all, stated the organisers. 


The B2B deals signed on the sidelines of the event included: 


•A $533 million deal between the AMR ALuwlaa Company and Zhonghuan International Group (Hong Kong) Limited to establish a factory to reduce iron ore and manufacture iron pellets for smelting plants in Saudi Arabia. 

•A $500 million cooperation agreement between Saudi Arabia’s ASK Group and the China National Geological & Mining Corp for the development, financing, construction and operation of an Arabian Shield copper mining project.

•A $266 million framework agreement between Mabani Al Safwah, China Gezhouba Group International Engineering and Top International Engineering Corporation Arabia for advanced building construction in the Kingdom.


Government-to-business (G2B) agreements included: 


•A $5.6 billion agreement between Ministry of Investment of Saudi Arabia (MISA) and Human Horizons, a Chinese developer of autonomous driving technologies and manufacturer of electric cars under the HiPhi brand, to establish a joint venture for automotive research, development, manufacturing and sales.

•A $266 million deal signed by MISA with Hong Kong-based Android developer Hibobi Technology Limited to develop tourism and other apps.

•A $250 million deal facilitated by MISA between Saudi railway company Sabatco and Chinese tate-owned and publicly traded rolling stock manufacturer CRRC to manufacture rail wagons and wheels in Saudi Arabia. 

•A $150 million deal between MISA, the Ministry of Industry and Mineral Resources (MIM) and Chinese industrial manufacturer Sunda to manufacture caustic soda, chlorine and derivatives, chlorinated paraffin, calcium chloride, poly vinyl chloride (PVC), and related conversion products in the Kingdom.


In his address, Minister of Investment Engineer Khalid Al Falih, welcoming Chinese participation in the economic renaissance underway within the Arab region, said: "This co-operation would lead to further growth, expansion and investment. 


He forecasted the continued integration between the two region’s economies. In addition, Al Falih indicated the value of commercial exchange, citing that energy exports from the Arab world contributed to advancing the industrial development in China, and in return, the goods manufactured in China reached every home, office and factory across Arab countries.


Senior officials present at the conference included Ahmed Aboul Gheit, Secretary-General of the League of Arab States, Egypt; Hu Chunhua, Vice Chairman of the Chinese People’s Political Consultative Conference; Zurab Pololikashvili, Secretary-General, United Nations World Tourism Organization; and government ministers from across the Arab world. 


Private sector participants included senior executives from top Chinese companies including Dahua Technology, Sieyuan Electric Company and Xuzhou Construction Machinery Group.


The second day will witness keynote speeches and private meetings with government leaders and important personalities, as well as specialized workshops that will examine in depth a number of key topics such as supply chains for the oil and gas sectors, innovation and research partnerships, challenges and solutions for global commercial supply chains, mining, and food processing.


The Day 2 programme will include a closing keynote from Dilma Rousseff, former president of Brazil and current president of New Development Bank, a multilateral development bank established by Brazil, Russia, India, China, and South Africa (BRICS) to mobilize resources for infrastructure and sustainable development projects in emerging markets and developing economies.-TradeArabia News Service


Source: https://www.tradearabia.com/news/IND_410364.html


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