According to the Saudi Arabian media “Arab News” reported that from 11 to 12 local time, Saudi Arabia held the 10th Entrepreneur conference of China-Arab Cooperation Forum in Riyadh, signed 30 investment agreements worth 10 billion US dollars between China and Arab States, involving various fields such as renewable energy, agriculture, real estate, minerals, supply chain, tourism and health care.
This year’s China-Arab States Cooperation Forum was hosted by Saudi Arabia for the first time. The Ministry of Investment and the Ministry of Foreign Affairs of Saudi Arabia cooperated with the General Secretariat of the Arab League, the China Council for the Promotion of International Trade and the League of Arab Chambers of Commerce. More than 3,500 government and business officials attended the event over the two days.
At the opening ceremony, Saudi Foreign Minister Saud al-Faisal, on behalf of Saudi Crown Prince and Prime Minister Mohammed bin Salman, said that Saudi Arabia and China still have the potential to develop economic and trade relations.
“There are synergies between Saudi Arabia, which is steadily advancing its Vision 2030, and China, which is pursuing its Belt and Road Initiative,” he said. “(This) meeting is an opportunity… Building a common future and moving towards a new era that is good for our people.”
The Saudi Investment Ministry said in a statement that “$10 billion in investment agreements were signed on the first day of the conference.” Saudi Arabia’s ASK Group and China Geology and Mining Corporation also signed a $500 million cooperation agreement to allow China to mine copper in Saudi Arabia.
The statement also announced the opening of a modern “Silk Road” between China and Arab countries, an initiative that is in line with Saudi Arabia’s future vision of seeking to diversify its economy and use modern technology to upgrade the skills of its youth.
Saudi Investment Minister Khalid Al-Falih said that Saudi Arabia, the largest economy in the Middle East and the fastest growing economy in the world in 2022, aims to act as a bridge connecting the Arab world and China, thereby stimulating the development of relations and trade growth between the two countries.
Saudi Arabia is the world’s largest oil exporter, while China is the world’s largest energy consumer. In March, oil giant Saudi Aramco announced two major investment plans in China to bolster its position as the country’s top crude supplier.
The Wall Street Journal, citing people familiar with the matter, said in March that Saudi Arabia was considering using the yuan instead of the dollar to sell some of its oil to China. The move will reduce the dominance of the US dollar in the global oil market and mark another tilt towards Asia by the world’s largest crude exporter.
Chang ‘an Avenue governor noticed that as China and Saudi Arabia began to deepen security and technical cooperation, the United States, a longtime ally of Saudi Arabia, became uneasy. A few days before the opening of the conference, US Secretary of State Blinken also visited Saudi Arabia.
Blinken stressed during his visit that the United States is “not asking anyone to choose between China and the United States,” but “I think the United States remains the partner of choice for most countries in the Middle East.”
Saudi Energy Minister Abdulaziz bin Salman said on the sidelines of the China-Arab States Cooperation Forum that he “brushed aside” growing suspicions in the West about China-Saudi Arabia relations and that Saudi Arabia wanted to cooperate with China, not compete with it.
“It’s better to work with China than compete with China, and we don’t have to face the choice of taking sides.” ‘he said.