Agreements included a $5.6 billion G2B MoU between the Ministry of Investment of Saudi Arabia (MISA) and Chinese electric car manufacturer Human Horizons to establish a joint venture for automotive research, development, manufacturing, and sales. 
 
More than 30 deals were penned across multiple sectors, including technology, renewables, agriculture, real estate, minerals, supply chains, tourism, and healthcare. 

Riyadh, Saudi Arabia: The 10th Arab-China Business Conference marked its first day with the signing of US$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 trade and investment conference, the largest edition to date and the first hosted by Saudi Arabia, was organized by the Ministry of Investment of Saudi Arabia (MISA) in partnership with the General Secretariat of the League of Arab States, the Chinese Council for the Promotion of International Trade, and the Union of Arab Chambers. 
 
The program of plenaries, workshops, special meetings, and side events dedicated to such topics as ESG and supply chain resilience attracted some 3500 business leaders, innovators and policymakers from China, the Arab world, and beyond. 
 
B2B deals signed at on the sidelines of the event included: 

A US$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 US$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 US$266 million framework agreement between Mabani Al- Safwah Ltd, China Gezhouba Group International Engineering Co., Ltd. and Top International Engineering Corporation Arabia Ltd. for advanced building construction in the Kingdom.
 
Government-to-business (G2B) agreements included: 

A US$5.6 billion agreement between 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 US$266 million deal signed by MISA with Hong Kong-based Android developer Hibobi Technology Limited to develop tourism and other apps.

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

A US$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.
 
Senior officials present at the conference included His Excellency 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 in the event included senior executives from some of China’s most important companies, including Alibaba Cloud and Huawei. 
 
His Highness Prince Faisal bin Farhan Al Saud, Minister of Foreign Affairs of Saudi Arabia, said during his opening keynote, 'Our shared ambitions of collaborating for prosperity indicate a joint mutual vision that lays within the economic investment relations between the Arab countries and China, shedding light on how we work together to build a better future for the next generation.'
 
The keynote session was concluded by His Excellency Khalid Al-Falih, Minister of Investment of Saudi Arabia, who stated, “The Arab-China Business Conference is an important milestone in the development of closer trade and economic cooperation between the Arab and Chinese business communities as well as an important chance to explore new investment opportunities. The size and breadth of the event is testament to the great interest on both sides to partner for collaboration across many industries key for the Kingdom.” 
 
The second day of the program 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.
 
The conference comes at a time of growing trade between the Arab world and China, which reached US$430 billion in 2022. Trade between China and Saudi Arabia alone exceeded US$106 billion last year, representing 30% growth over 2021. 
 
China’s foreign direct investment in the Arab world was US$23 billion in 2021, US$3.5 billion of it in Saudi Arabia.

Media Contact 
misa@consulum.com 
 
About the Ministry of Investment
 
The ongoing transformation of Saudi Arabia under the Vision 2030 economic development and diversification plan is unlocking new investment opportunities at an unprecedented pace. The Ministry of Investment of Saudi Arabia (MISA) is facilitating access to these opportunities by developing a vibrant cross-government investment ecosystem, facilitated by Saudi Arabia’s National Investment Strategy.
 
Through a network of representative offices across the world, MISA partners with businesses of all scales and sizes—from startups to blue-chip multinationals—to help make investing in Saudi Arabia as simple as possible. MISA also plays a leading role in improving Saudi Arabia’s overall business environment by facilitating investment data across regions and sectors, creating investment incentives, spearheading business reforms and opening up investment opportunities.
 
For more information on MISA, please visit the website or connect with #MISA on Twitter @MISA and LinkedIn.
 
About Invest Saudi
 
Overseen by Saudi Arabia’s Ministry of Investment (MISA), Invest Saudi is the Kingdom’s investment attraction and promotion entity charged with communicating and facilitating investment opportunities.
 
Invest Saudi is the primary point of contact for foreign investors seeking information and assistance before, during and after their entry into Saudi Arabia. It is committed to working in partnership with potential and current investors to make their investment journey a seamless experience.
 
For more information on Invest Saudi, please visit the website or connect with #InvestSaudi on Twitter and LinkedIn.