Saudi Venture to Establish SR300m China Mart |
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JEDDAH - A Saudi-Chinese joint venture -- Chinese Competition Spirit" company -- is to establish a SR300-million China Mart in Riyadh to showcase Chinese products ranging from furniture to ceramics.
It will be the first of a number of projects to be implemented by the new company established by Saudi businessman Sheikh Abdul Aziz Al Kridis and his Chinese counterpart Wei Shiming.
Chinese Ambassador to the Kingdom Yang Honglin described the project as a reflection of the economic importance of Saudi Arabia, which is China's largest trade partner in West Asia.
According to Al Kridis, who is chairman of the new firm, the company is currently negotiating with a number of Saudi establishments to prepare a site for the project on an area not less than 100,000 square metres that would accommodate about 250 shops for Chinese companies to display their products in 12 sectors covering home and office furniture, ceramics, décor accessories, home appliances and others.
He said the new company has set the third quarter of 2009 as a date for the opening of the China market, which is expected to attract Saudi businessmen to sign wholesale and retail contracts with their Chinese counterparts to import high-standard Chinese products.
By Habib Shaikh
© Khaleej Times 2008
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