Saudi and Chinese state-backed and private enterprises signed more than 30 deals with a total investment of about $10bn on 11 June, the first day of the Arab-China Business Conference in Riyadh. The deals were signed across sectors that include technology, renewables, agriculture, real estate and minerals. The largest of these deals is a $5.6bn memorandum of understanding (MoU) between the Ministry of Investment of Saudi Arabia (Misa) and Chinese electric car manufacturer Human Horizons to establish a joint venture for automotive research, development, manufacturing and sales. Other government-led deals include: $266m deal signed by Misa with Hong Kong-based Android developer Hibobi Technology to develop tourism and other applications. $250m deal facilitated by Misa between Saudi railway company Sabatco and Chinese rolling stock manufacturer CRRC to manufacture rail wagons and wheels in Saudi Arabia.  $150m deal between Misa, the Ministry of Industry and Mineral Resources (MIMR) and Chinese industrial manufacturer Sunda to manufacture caustic soda, chlorine and derivatives, chlorinated paraffin, calcium chloride, polyvinyl chloride (PVC) and related conversion products in the kingdom The conference also witnessed the signing of key deals that involve private sector companies. These include: $533m deal between the AMR Aluwlaa Company and Hong Kong’s Zhonghuan International Group to establish a factory to reduce iron ore and manufacture iron pellets for smelting plants in Saudi Arabia. $500m cooperation agreement between Saudi Arabia’s ASK Group and the China National Geological & Mining Corporation for the development, financing, construction and operation of an Arabian Shield copper mining project. $266m million framework agreement between Mabani Al-Safwah, China Gezhouba Group International Engineering and Top International Engineering Corporation Arabia for advanced building construction in Saudi Arabia. The conference’s 10th edition and the first hosted by Saudi Arabia, was the largest to date with 3,500 attendees from 24 countries. Misa, in partnership with the General Secretariat of the League of Arab States, the Chinese Council for the Promotion of International Trade and the Union of Arab Chambers, organised the event in Riyadh. Saudi Arabia is in the process of establishing a national infrastructure fund (NIF) to help inject liquidity into the sector.   (ICE RIYADH)

Fonte notizia: Meed