Saudi Arabia-China Summit: The world’s politics is changing significantly. China believes it is the next superpower, so China is rapidly advancing relations with such countries, where the power is one person or one—limited to family.
On the other hand, Saudi Arabia, which has had very close relations with America for years, has ended its ties with America and is almost standing in China’s court. Saudi Arabia has announced investment deals worth billions of dollars between China and the Arab world on Sunday’s first day of a China-Arab business conference in Riyadh.
The meeting comes amid growing commercial and diplomatic ties between Beijing and Middle Eastern countries, including the recent Chinese-mediated rapprochement between Iran and Saudi Arabia, which has transformed regional relations.
Oil-rich Saudi Arabia is hosting the summit, now in its 10th edition, for the first time. In two days, it has brought together more than 3,500 government and business officials from China and Arab countries, the Saudi Investment Ministry said.
Billion Dollar Deal On First Day
According to an official statement, agreements worth $10 billion were signed between China and Arab countries on the first day of the China-Arab business summit, most for projects in Saudi Arabia or by Saudi firms and government entities.
This figure also includes a $5.6 billion MoU between the Saudi Ministry of Investment and China’s Human Horizon for electric and self-driving cars.
The agreements signed on the first day of the conference have been made in various fields, including technology, agriculture, renewable energy, real estate, natural resources and tourism.
At the start of the conference, Saudi Foreign Minister Prince Faisal bin Farhan highlighted the potential for increasing trade and economic ties between China and Arab countries. He said, “(This) meeting is an opportunity for our peoples to build a shared future towards a new, beneficial era.”
According to a Saudi Arabian statement, a $533 million deal has been signed between AMR Eluwala Company and Zhonghuan International Group (Hong Kong) to set up an iron factory in Saudi Arabia. THE STATEMENT SAID THAT Saudi ASK Group and China National Geological and Mining Corp had signed a $500 million cooperation agreement on copper mining in the kingdom.
In December last year, Chinese President Xi Jinping visited Saudi Arabia, and since then, the relations between Saudi Arabia and America have reached the lowest level. Although US President Joe Biden also visited Saudi Arabia to improve the relationship, his visit yielded no results. Even Biden was not properly welcomed in Riyadh.
The US has repeatedly warned Saudi Arabia about getting closer to China and criticized Saudi Arabia.
And when asked about the US criticism, Saudi Energy Minister Prince Abdulaziz bin Salman said, “I ignore it.” He added that business people “will go where the opportunities are.”
