Saudi Arabia, China sign 34 investment agreements during Xi’s visit

Saudi Arabia, China sign 34 investment agreements during Xi’s visit

Riyadh: Chinese and Saudi companies signed investment pacts for green hydrogen and solar energy during a a visit of Chinese President Xi Jinping to the kingdom. Xi’s in Saudi Arabia to meet Crown Prince Mohammad bin Salman and other Arab leaders for a trip which marks the region’s deep and growing ties with Beijing, as US ties come under pressure. There were no further details on the energy pacts announced on Saudi state news agency SPA. It said 34 investment agreements in total had been signed, including in other sectors such as information technology, cloud services, transportation, logistics, medical industries, housing and construction. Saudi Arabia is the world’s largest oil exporter, and China its top customer, making their relationship key to the crude market. But both are looking to gradually diversify their energy mix. Saudi Arabia has started work on a large facility for green hydrogen in Neom, a Red Sea city under construction. The green hydrogen, a fuel seen as crucial to the global transition to cleaner energy, will be generated using solar and wind power. “The Kingdom enjoys a strategic geographical location linking three continents” and overlooks some of the most important water crossings and energy resources, Saudi