Arab-China Investment, Manufacturing Ties Poised To Grow After High-Profile Event In Riyadh

Arab-China Investment, Manufacturing Ties Poised To Grow After High-Profile Event In Riyadh

Share to Linkedin Residential and commercial buildings in the King Abdullah Financial District in Riyadh, Saudi Arabia ... [+] in January. Mostly shut off to foreign visitors for years, Crown Prince and de facto ruler Mohammed bin Salman is working to help diversify the oil-dependent economy. Photographer: Jeremy Suyker/Bloomberg China and the Gulf Cooperation Council, an economic group of Middle East states that are one of the world's fastest-growing regions, wrapped up a high-profile, two-day Arab-China Business Conference in Riyadh last Monday that made international headlines for the size of the business deals announced—more than $10 billion involving approximately two dozen agreements. The event also grabbed attention because of the warming relations between China and an area with traditionally close ties to the United States. In a keynote speech, New Development Bank chief Dilma Rousseff said: "China and Saudi Arabia have the potential to re-write the rules of the global energy market, leading the way in diversifying currencies and embracing new models of economic collaboration." Among the agreements announced was a $5. 6 billion investment by the Saudi Arabia Ministry of Investment and China EV maker Human Horizons. Members of the Gulf Cooperation Council, or GCC, include the United Arab