Strengthening Saudi-China Ties: Major announcements from Arab-China Business Conference

Strengthening Saudi-China Ties: Major announcements from Arab-China Business Conference

Several investments and projects were announced during the two-day conference to boost trade and economic cooperation between the Arab and Chinese business communities. Zawya Projects has summarised the major announcements as follows:

Investments

China State Construction Engineering Corporation Ltd (CSCEC) started talks with the Saudi sovereign fund Public Investment Fund (PIF) for a large steel structure manufacturer project in Riyadh with a yearly production capacity of 800,000 tonnes.

A $533 million agreement between the AMR ALuwlaa Company and Zhonghuan International Group (Hong Kong) to establish a factory to reduce iron ore and manufacture iron pellets for smelting plants in Saudi Arabia.

A $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 $266 million framework agreement between Mabani Al- Safwah, China Gezhouba Group International Engineering Co and Top International Engineering Corporation Arabia for advanced building construction.

A $5.6 billion agreement between the Ministry of Investment of Saudi Arabia (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 $266 million deal signed