Saudi, Chinese firms sign $1.74B deals at business forum

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef witnessed the signing of 42 investment agreements between Saudi and Chinese companies worth over $1.74 billion.

The deals span advanced industries, smart vehicles, energy solutions, medical devices, equipment, and mineral resources.

Speaking at the Saudi–Chinese Business Forum in Beijing, Alkhorayef noted that bilateral trade reached SAR 403 billion ($107 billion) in 2024—more than double its level less than a decade ago—with Saudi Arabia remaining a key supplier to China of fuel, petrochemicals, and advanced materials.

According to the Saudi Press Agency (SPA), Chinese investment in the Kingdom rose nearly 30% in 2024 to exceed SAR 31 billion, driven by sectors such as mining, automotive, and petrochemicals.

More than 750 Chinese companies now operate in Saudi Arabia, including those involved in major projects like NEOM and industrial hubs such as Jubail and Jazan.

The minister added that Saudi investment in China has also expanded beyond SAR 8 billion, alongside memoranda of understanding (MoUs) signed by the Public Investment Fund (PIF) with Chinese financial institutions valued at $50 billion.

He further highlighted that the National Industrial Strategy is prioritizing 12 sub-sectors, including those tied to national security, as well as food, pharmaceuticals, defense, and industries aligned with the Kingdom’s comparative advantages.