China and Saudi Arabia closed a dozen cooperation agreements in a recent forum. The deals the two countries signed are worth more than $1.33 billion. The agreements aim to strengthen partnerships in critical sectors like infrastructure. Areas like housing and financing are also included.
The Saudi-Chinese Business Forum happened on August 16 in Beijing. Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail represented Riyadh. He also signed the agreements on behalf of his country.
The minister later said these developments underscored Saudi’s growing ties with China. He said this would open the door for shared progress and growth.
The partnership between the two will encourage advancements in several areas. This includes five agreements focused on developing real estate. It’s a sign of an auspicious move for the mutual growth of both parties.
Minister Al-Hogail emphasized Saudi’s commitment to improving its relationship with China. He even talked about what they've achieved so far. He mentioned the three dialogues they had with President Xi Jinping last December.
The rural affairs minister also clarified several items. One was the comprehensive strategic partnership accord between Saudi and China. He included an action plan focused on a housing sector collaboration.
Al-Hogail highlighted the remarkable investment opportunities Saudi can provide. He mentioned the ongoing development of more than 300,000 housing units in 17 cities. This covers an area of 150 million square meters. It’s also valued at SR100 billion or $26.66 billion.
Al-Hogail also said that his department is collaborating with some Chinese companies. They’re working on housing development projects. These have an accumulated value of SR3 billion.
The forum also took stock of investment opportunities the two sides can enjoy. These can also bolster cooperation in housing and urban infrastructure. It can also enhance financing and real estate development.
China and the Kingdom have already closed 35 investment deals in December 2022. These agreements are reportedly worth around $30 billion. A Belt and Road Initiative report stated Saudi Arabia is one of China’s key trading partners.
The reverse holds. China is reportedly Saudi Arabia’s largest trading partner as well. Reuters reported that bilateral trade between the two reached $87.3 billion in 2021. China’s exports to the country hit $30.3 billion. Meanwhile, its imports totaled $57 billion.
The Asian powerhouse exported electronics, machinery, and textiles to the Kingdom. It imported primary plastics and crude oil. China imported 1.77 million barrels a day from January to October 2022. These were then valued at $55.5 billion.