Skip to main content

Saudi, Chinese companies sign investment deals on renewable energy, cloud services during Xi’s visit

Xi Jinping’s trip to Saudi Arabia has focused largely on economic and energy ties so far.
Chinese President Xi Jinping (R) invites Saudi Arabia's King Salman bin Abdulaziz Al Saud (L) to view an honor guard during a welcoming ceremony inside the Great Hall of the People, Beijing, China, March 16, 2017.

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
  • transportation
  • logistics
  • medical industries
  • housing and construction factories

Saudi Arabia has shown significant interest in many of these sectors, particularly cloud technology, hydrogen and solar power.

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. 

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.

Already a Member? Sign in


The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.


What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial
What's included:
Our Expertise

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

We also offer team plans. Please send an email to and we'll onboard your team.

Already a Member? Sign in