30.1 C
Delhi
Wednesday, September 17, 2025

Saudi Arabia, China sign 34 investment deals

Date:

Share post:

Donate-GC-Razorpay

Doha: Saudi and Chinese companies have signed 34 investment agreements as part of Chinese President Xi Jinping’s visit to Saudi Arabia, the Saudi Press Agency (SPA) reported on Thursday.

The signing ceremony took place on Wednesday. The deals cover green energy, hydrogen production, photovoltaic energy, information technologies and services, transport, logistics, medical industry and construction.

The agreements reflect Saudi Arabia and China’s intention to boost bilateral cooperation in all areas, Saudi Investment Minister Khalid bin Abdulaziz Al-Falih was cited as saying in the report.

The Gulf monarchy offers “unprecedented” opportunities for investments in various areas, including renewable energy, industry, communications, biotechnology, tourism and construction, as part of the Saudi Vision 2030 — the economic development program to reduce the country’s dependence on oil, diversify its economy, and develop various public service sectors, Al-Falih added.

In 2021, the Chinese-Saudi trade reached 304.3 billion Saudi riyals ($81 billion) — a 37% increase from 221.6 billion Saudi riyals in 2020.

Xi arrived in Riyadh for a three-day visit on Wednesday at the invitation of Saudi Arabian King Salman bin Abdulaziz Al Saud. The Chinese head is scheduled to hold talks with the kingdom’s leadership, heads of the Arab Gulf countries and the Gulf Cooperation Council. This is Xi’s third trip abroad since the start of the COVID-19 pandemic.

Related articles

When Prime Minister Narendra Modi Called Me His Friend from Goa

On this special day, as Prime Minister Narendra Modi turns 75, I am reminded of my personal interaction...

Teachers Should Not Fear AI – They Should Embrace It as a Tool of Empowerment

Artificial Intelligence (AI) has become the great disruptor of our times. It is changing the way we live,...

LG Sinha flags off first dedicated parcel train from Kashmir to Delhi

Srinagar: JK Lieutenant Governor Manoj Sinha flagged off the first dedicated parcel train from Kashmir to Delhi today,...

PM Modi pays tribute to Bharat Ratna M Visvesvaraya to celebrate the Engineers’ Day

Kolkata: Prime Minister Narendra Modi today paid his heartfelt homage to Bharat Ratna M. Visvesvaraya, whose pioneering contributions...