Saudi Arabia and China signed 35 memorandums of understanding (MoU) worth more than $28 billion in February, the Saudi Arabian General Investment Authority (Sagia) has revealed.

The agreements were agreed at the Saudi-China Investment Forum in Beijing, which was attended by Saudi Crown Prince Mohammed bin Salman and several other senior ministers including Khalid al-Falih, the kingdom’s energy minister.

China-Saudi Arabia oil deal

The deals cover a number of sectors, including energy and water, industry and manufacturing, petrochemicals, mining and minerals, housing, transport, logistics and e-commerce. Four new licences were also awarded to Chinese businesses at the investment forum.

The agreements include:

• MoU between Saudi Arabia’s Ministry of Energy, Industry & Mineral Resources and Pan-Asia Resin in the petrochemicals sector. Total planned investment of $1.5 billion.
• MoU between the Saudi Authority for Industrial Cities & Technology Zones (Modon) and Teda Investment Holding Company. Total investment of $1 billion.
• MoU between Jabal Omar Development Company and China State Construction Engineering Corporation in the infrastructure sector. Total planned investment of $533 million.
• MoU between Sagia and Goldwind International Holdings for cooperation in establishing a wind-turbine manufacturing hub in the kingdom. Total investment of $18 million.

The forum was held to encourage cooperation between the two countries and facilitate progress with Saudi Arabia’s Vision 2030 economic masterplan and China’s Belt and Road initiative (BRI).

While at the forum, Prince Mohammed signed a $10 billion oil refinery deal with China’s President Xi Jinping to develop a downstream facility in the northeast of China.

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This article is sourced from Power Technology sister publication, a leading source of high-value business intelligence and economic analysis about the Middle East and North Africa. To access more MEED content register for the 30-day Free Guest User Programme.