Saudi Arabia and China are working together to ensure a safe and reliable supply of energy in their respective markets. The two countries are planning to establish petrochemical joint ventures that will transform crude oil into petrochemicals and develop innovative uses of hydrocarbons, nuclear energy, and fuel. Saudi Minister of Energy Abdulaziz Al-Saud recently met with the chairman of the National Energy Authority of the Republic of China, Zhang Jianhua, in Riyadh to discuss ways to increase collaboration in the energy sector’s supply chains. The two officials also discussed ways to boost ties between the countries in numerous energy fields, which will help achieve the goals outlined in Saudi Vision 2030 and China’s Belt and Road Initiative.
Further collaborations between both countries are anticipated as Saudi Arabia is set to host the 10th session of the Arab-Chinese Business Conference and the eighth Investment Symposium. The conference is expected to be the largest Arab-Chinese gathering for business and investment, with over 2,000 participants, including high-level government representatives, senior officials, CEOs, investors, and entrepreneurs. The conference aims to boost cooperation in the economy, trade, and investment to achieve solutions of mutual interest to Arab nations and China through strategic collaboration.
The conference is organized by the Kingdom’s investment and foreign affairs ministries in partnership with the Chinese Council for the Promotion of International Trade and several government agencies. Saudi Investment Minister Khalid Al-Falih said that trade and cultural ties between Arab countries and China extended over 2,000 years and that the conference reflected that historical relationship. He added that Saudi-Chinese relations had developed, especially following King Salman’s visit to China in 2017 and the two historic visits by Crown Prince Mohammed bin Salman to Beijing in 2016 and 2019.
Trade in 2022 between the Arab countries and China reached SR1.6 trillion ($430 billion), a 31 percent increase from the previous year. Saudi Arabia led the way with trade between the countries reaching around SR400 billion ($106 billion), a 30 percent increase over 2021.