$10 bln deals signed on Day 1 of Arab-China Business Conference

The agreements signed on the first day of Arab-China Business Conference

The 10th Arab-China Business Conference, the largest edition to date and the first hosted by Saudi Arabia, marked its first day with the signing of $10 billion (SAR 37.5 billion) in investment agreements.

In an emailed statement to Argaam, these agreements included more than 30 deals across an array of sectors including technology, renewables, agriculture, real estate, minerals, supply chains, tourism and healthcare.

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

A $500 million cooperation agreement was sealed 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.

Further, a $266 million framework agreement between Mabani Al-Safwah Ltd, China Gezhouba Group International Engineering Co., Ltd. and Top International Engineering Corporation Arabia Ltd. for advanced building construction in the Kingdom.

The Ministry of Investment and Human Horizons, a Chinese developer of autonomous driving technologies and manufacturer of electric cars under the HiPhi brand, signed a $5.6 billion (SAR 21 billion) agreement to establish a joint venture for automotive research, development, manufacturing and sales.

A $266 million deal was signed by the Ministry of Investment with Hong Kong-based Android developer Hibobi Technology Limited to develop tourism and other apps.

In addition, a $250 million deal facilitated by the Ministry of Investment was made between Saudi railway company, SABATCO and Chinese state-owned and publicly traded rolling stock manufacturer CRRC to manufacture rail wagons and wheels in Saudi Arabia.

A $150 million deal between the Ministry of Investment, the Ministry of Industry and Mineral Resources (MIM) and Chinese industrial manufacturer Sunda was signed to manufacture caustic soda, chlorine and derivatives, chlorinated paraffin, calcium chloride, poly vinyl chloride (PVC), and related conversion products in the Kingdom.