Arab Press

بالشعب و للشعب
Saturday, Feb 04, 2023

Over 20 pacts worth SR110 billion set to be inked during Xi’s visit

Saudi Arabia and China are expected to sign more than 20 agreements, worth over SR110 billion, during the historic visit of Chinese President Xi Jinping to Saudi Arabia that will begin on Wednesday.
A strategic partnership document between Saudi Arabia and China will also be inked in addition to the harmonization plan between the Kingdom’s Vision 2030 and China’s Belt and Road Initiative.

During the three-day official visit, three key summits will be held. They are the Saudi-Chinese summit; Riyadh Gulf-China Summit for Cooperation and Development; and Riyadh Arab-China Summit for Cooperation and Development.

More than 30 leaders of countries and international organizations will attend the summits, and this reflects the importance of these summits and the regional and international attention attached to them, according to the Saudi Press Agency.

The high-profile visit represents the keenness of the leaderships of the two countries to strengthen bilateral relations and their strategic partnership, as well as to invest their political and economic potential in serving their common interests. In recent years, a number of Saudi universities and schools started teaching the Chinese language, and the Arabic language is also being taught in 44 Chinese universities, and this is within the framework of cooperation in education between the two countries.

The visit will witness expanding the bilateral relations between the two countries in wide-ranging areas, particularly in cultural exchange. The Prince Mohammed bin Salman Award for Cultural Cooperation between Saudi Arabia and China will be launched during the visit. The award, announced by the Saudi Ministry of Culture in 201 9, reflects the Kingdom’s keenness to boost cultural and scientific relations. The award aims to promote the Arabic language and Arab and creative arts, as well as to promote mutual understanding and cultural exchange between Saudi and Chinese cultures, and serve the joint objectives of the Saudi Vision 2030 and China’s Belt and Road Initiative at the cultural level.

Xi’s visit comes at a time when the diplomatic relations between the two countries are witnessing distinguished and solid development at a steady pace towards greater cooperation and mutual understanding in various fields, in a way benefiting the two friendly countries and peoples.

Close relations between the two countries were initiated 80 years ago, encompassing various aspects of cooperation and development in the form of simple trade relations and the reception of Chinese Hajj pilgrims, up to their official form in 1990 after the two countries agreed to establish full diplomatic relations and exchange ambassadors and organize meetings at the political, economic, youth and other levels.

The keenness of Saudi Arabia, under the leadership of Custodian of the Two Holy Mosques King Salman and Crown Prince and Prime Minister Mohammed bin Salman, to develop bilateral relations with the Chinese side is part of its strategic plans to boost bilateral relations and partnerships with all influential countries and international powers and to establish balanced relations with them to serve the Kingdom’s objectives and contribute to protecting its interests.

In a new and unique scientific achievement at the level of the region and the Islamic world, Saudi Arabia joined China in a rare journey to explore the invisible side of the moon closely, as part of its growing interest in the exploration of space. This cooperation between Riyadh and Beijing was in the implementation of a memorandum of understanding signed between the two countries during the visit of King Salman to China on March 16, 2017, which established grounds for cooperation with the China National Space Administration to explore the moon.

It is noteworthy that in January 2016 King Salman met President Xi at Al-Yamamah Palace in Riyadh. During that time, the King stressed that Saudi Arabia’s friendly relations with China have grown steadily over the past 25 years, noting that the two countries were seeking to realize stability and promote peace and security in the world.

During the visit, 14 agreements and memoranda of understanding were signed between the two governments, and these included a memorandum to boost cooperation on the Silk Road Economic Belt, the 21 Century Maritime Silk Road Initiative, and cooperation in productive capacity, which were signed by the Crown Prince.

Saudi-Chinese relations were significantly enhanced following the visit of Crown Prince Mohammed bin Salman to China in 2016 during which he held extensive talks with President Xi Jinping, former Chinese Vice Premier Zhang Gaoli, and other high-ranking officials.

China supports the Middle East Green Initiative launched by the Crown Prince, and also welcomed Saudi Arabia's accession to the Global Development Initiative proposed by Xi to steer global development toward a new stage of balanced, coordinated, and inclusive growth.

China has been Saudi Arabia’s first trading partner for the past five years, ranking as the first destination for the Kingdom’s exports and imports since 2018. The trade volume between the two countries reached SR309 billion in 2021, marking an increase of 39 percent from 2020 while the Kingdom’s total exports to China amounted to SR192 billion, including non-oil exports worth SR41 billion.

Saudi investments in China reached SR8.6 billion while Saudi Arabia ranked 12th among the investing countries in China as of the end of 2019. On the other hand, Chinese investments in the Kingdom totaled SR29 billion by the end of 2021.

The visit of the Chinese leader attained greater significance as Saudi Arabia is seeking to build a strategic partnership that supports trade and investment with the Chinese side, and makes the Kingdom China’s first reliable strategic partner in the region. The Kingdom accounted for more than 20.3 percent of China’s investment in the Arab world between 2005 and 2020 amounting to $196.9 billion, making it the biggest Arab country to receive Chinese investments during that period at around $39.9 billion.

Saudi Arabia and China are preparing to launch SABIC-Fujian Petrochemical Industrial Group Co. a joint venture involving a high-capacity cracking plant that produces a number of petrochemical products, with an estimated amount of SR22.5 billion, in which SABIC has a 51 percent stake.
Newsletter

Related Articles

Arab Press
Close
0:00
0:00
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
Shell reports highest profits in 115 years
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Saudi FM discusses Kingdom’s economy, oil, Iran and US ties in Davos
Israelis rally in three cities against Netanyahu legal reforms
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Saudi Arabia plans to use domestic uranium for nuclear fuel
Mohammed Bin Salman chosen most influential Arab leader of 2022
Dirty bomb fears as URANIUM is found in cargo at Heathrow
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
United Arab Emirates says it will teach Holocaust in schools
Saudi Arabia set to overtake India as fastest-growing major economy this year 
International medical experts speak out against COVID-19 restrictions on China
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Saudi Arabia’s female ambassadors: Who are the five women representing the Kingdom?
Almubarak named ‘The Best Central Bank Governor of the Year 2023 for the Middle East’
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
×