Saudi Arabia and China signed more than $1.74 billion in investment agreements this week, underscoring a rapidly expanding partnership that stretches far beyond oil into advanced industries, mining, and technology.
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef witnessed the signing of 42 agreements at the Saudi-Chinese Business Forum in Beijing, according to the Saudi Press Agency.
Nearly 200 companies from both countries attended the gathering, which officials described as a platform for aligning Saudi Vision 2030 with China’s Belt and Road Initiative.
The deals span sectors including smart vehicles, medical devices, energy solutions, and mineral resources—areas Riyadh has prioritized as it works to diversify its economy. “These agreements represent not only business opportunities but sustainable development pathways for both nations,” Alkhorayef said in his keynote address, praising the Saudi-Chinese Business Council’s role in building frameworks for private sector partnerships since 2006.
Trade between the two nations has surged to SAR403 billion ($107 billion) in 2024, more than double the volume of a decade ago.
Saudi Arabia remains China’s top supplier of fuel, petrochemicals, and advanced materials, while China is the Kingdom’s largest source of machinery, electronics, and consumer goods.
Chinese investment in Saudi Arabia rose by 30 percent last year to exceed SAR31 billion ($8.2 billion), with more than 750 Chinese companies now operating in the Kingdom.
Many are involved in flagship projects such as NEOM and the industrial hubs of Jubail and Jazan. Saudi investment in China has also grown past SAR8 billion, while memoranda of understanding between Saudi Arabia’s Public Investment Fund and Chinese institutions carry a potential value of $50 billion.
Alkhorayef emphasized that Riyadh sees 12 sub-industrial sectors as national priorities—ranging from food and pharmaceuticals to defense and artificial intelligence. He pointed to a comprehensive mining strategy, developed in partnership with the China Geological Survey, that has already uncovered new mineral reserves and helped Saudi Arabia climb from 104th to 23rd in the Mining Investment Environment Attractiveness Index.
The forum reflects a broader shift in Saudi foreign policy: leveraging economic diversification under Vision 2030 while deepening ties with China, its largest trading partner, even as the Kingdom remains a key Western ally.
