Saudi Arabia signs a new agreement with China, ignoring Western energy | investment | agreement
According to the Saudi Arabian media "Al Arab News", from the 11th to the 12th local time, Saudi Arabia held the 10th Entrepreneurship Conference of the China Arab Cooperation Forum in Riyadh, signing 30 investment agreements worth $10 billion between China and Arab countries, covering various fields such as renewable energy, agriculture, real estate, minerals, supply chain, tourism, and healthcare.
This year's China Arab Cooperation Forum was hosted by Saudi Arabia for the first time, in cooperation with the Saudi Arabian Ministry of Investment, Ministry of Foreign Affairs, General Secretariat of the Arab League, China Council for the Promotion of International Trade, and Arab Chamber of Commerce. Over 3500 government and business officials attended the meeting within two days.
At the opening ceremony, Saudi Foreign Minister Faisal, representing Saudi Crown Prince and Prime Minister Mohammad bin Salman, stated that there is still potential for development in Saudi Arabia's economic and trade relations with China.
He said: "Saudi Arabia is steadily advancing the 'Vision 2030', and China is pursuing the 'the Belt and Road' initiative. There is synergy between the two countries." "The conference is an opportunity... to build a common future and move towards a new era that is beneficial to our people."
The Saudi Ministry of Investment stated in a statement that a $10 billion investment agreement was signed on the first day of the conference. Saudi ASK Group and China Geological and Mining Corporation have also signed a cooperation agreement worth 500 million US dollars, allowing China to mine copper mines in Saudi Arabia.
The statement also announced that a modern "Silk Road" will be opened between China and Arab countries, which is in line with Saudi Arabia's future vision of seeking economic diversification and utilizing modern technology to enhance youth skills.
Saudi Investment Minister Khalid al Fahd stated that Saudi Arabia is the largest economy in the Middle East and also the fastest-growing economy in the world in 2022, aiming to serve as a bridge connecting the Arab world and China, thereby stimulating the development of bilateral relations and trade growth.
Saudi Arabia is the world's largest oil exporter, while China is the world's largest energy consumer. In March of this year, oil giant Saudi Aramco announced two large-scale investment plans in China to strengthen its position as China's top crude oil supplier.
The Wall Street Journal cited insiders in March as saying that Saudi Arabia is considering using the Chinese yuan instead of the US dollar to sell some of its oil to China. The report suggests that this move will weaken the dominant position of the US dollar in the global oil market and mark another shift of the world's largest crude oil exporting country towards Asia.
The Governor of Chang'an Street noticed that as China and Saudi Arabia began to deepen security and technological cooperation, Saudi Arabia's long-term ally, the United States, became restless. A few days before the opening of the conference, US Secretary of State Antony Blinken also visited Saudi Arabia.
During his visit, Lincoln stressed that the United States "does not require anyone to make a choice between China and the United States," but I think the United States is still the preferred partner for most countries in the Middle East. "
Saudi Energy Minister Abdul Aziz bin Salman stated during the China Arab Cooperation Forum that he "disregarded" the growing suspicion of China Saudi relations in the West, and Saudi Arabia hopes to cooperate with China rather than compete.
"Rather than competing with China, it's better to cooperate with China. We don't have to face the choice of choosing sides and standing in line," he said.