Saudi-China Summit… $29 Billion Agreements

On Tuesday, the Saudi Press Agency reported that more than 20 agreements worth more than 110 billion riyals ($29 billion) would be signed on the sidelines of the planned Saudi-Chinese summit in Saudi Arabia.

On the sidelines of the Saudi-Chinese summit, a strategic partnership document between the Kingdom and China, a harmonization plan between the Kingdom’s Vision 2030 and the One Belt, One Road initiative will be signed. The Prince Mohammed bin Salman Award for Cultural Cooperation between Saudi Arabia and China will also be announced.

Chinese President Xi Jinping’s visit to Saudi Arabia, which begins on Tuesday at the invitation of King Salman bin Abdulaziz Al Saud, embodies the desire of the two countries’ leadership to strengthen bilateral relations and their strategic partnership, as well as to invest their political and economic potential in serving their common interests.

During the visit of the Chinese President, three summits are held: “Saudi-Chinese”, “Gulf-Chinese” and “Arab-Chinese”, in the presence of more than 30 leaders of countries and international organizations, which reflects the importance of holding these summits and the attention which they receive at the regional and international levels.

Diplomatic relations between Saudi Arabia and the Republic of China are enjoying an honorable and close development and are rapidly moving towards closer cooperation and understanding between them in various fields for the benefit of the two friendly countries and peoples.

Fifteen Chinese companies have recently expressed their desire to invest in the Kingdom and take part in privatization projects for a number of public sectors, in addition to infrastructure projects. The city of Jubail worth more than 3.3 billion rials and the opening of a Chinese (Pan Asia) plant project in Jazan city for basic and transformational industries with an investment of $4 billion.

The Kingdom and China are also preparing to launch the SABIC Fujian Petrochemical Company Limited project, which is a joint venture that includes a large cracking plant that produces a range of petrochemical products. The cost of the project is estimated at $22.5 billion. rials, and the share of “SABIC” in it is 51%.

Source: SPA