Saudi and Chinese entities are continuing to sign agreements during President Xi Jinping’s visit to the kingdom.
The official Saudi Press Agency reported today that 34 investment agreements have been signed in the following sectors:
- green hydrogen
- photovoltaic (solar) energy
- information technology
- cloud services
- medical industries
- housing and construction factories
The agreements were signed Wednesday night, following Xi’s arrival to Saudi Arabia. Here are some of the companies, organizations and ministries that signed the deals:
- Chinese tech giant Huawei — Huawei also signed a memorandum of understanding with the Saudi Digital Academy in February to teach 8,000 Saudis information technology skills.
- New Horizons Company, a Saudi industrial services firm
- Saudi Council of Engineers
- Ajlan & Bros, a Saudi clothing company
- GENERAL HEALTHY, a Chinese medical logistics company
- AutoX, a Chinese company that makes driverless cars
- Linklogis, a Chinese digital payments and foreign exchange company
- Saudi Investment Ministry and Saudi Ministry of Communications and Information Technology
Reuters reported that the Huawei agreement pertained to cloud computing and building high-tech complexes in Saudi Arabia.
On Thursday, Saudi King Salman bin Abdulaziz Al Saud also signed a comprehensive strategic partnership agreement with Xi. Saudi Crown Prince Salman and Xi also signed a number of unspecified agreements and memorandums of understanding, the Saudi Foreign Ministry said on Twitter.
Why it matters: Xi arrived in Riyadh yesterday for a three-day visit in which he will participate in summits with leaders from Saudi Arabia, the Gulf and other Arab states. It is Xi’s first visit to Saudi Arabia since 2016. The trip is largely focused on Saudi-Chinese economic relations.
Saudi Arabia inviting Xi to the country is also a signal to the US administration. Saudi Arabia has close relations with the United States, but the relationship has become strained in recent years over the murder of Jamal Khashoggi, oil prices, the war in Yemen, and more. At the same time, Saudi Arabia is growing closer to China. The People’s Republic is Saudi Arabia’s top trading partner, and Saudi Arabia is a major supplier of oil to China.
Know more: Saudi and Chinese entities also signed agreements on the environment and artificial intelligence Wednesday.