Saudi Arabia aims to build a strong strategic partnership with China

RIYADH, Saudi Arabia - The Kingdom of Saudia Arabia plans to boost both diplomatic and bilateral trade agreements with the visit of Chinese President Xi Jinping who paid a three-day state visit to the Kingdom last week.

President Jinping met with Saudi and Arab leaders during his trip: the Saudi-Chinese Summit, the Riyadh Gulf-China Summit for Cooperation and Development, and the Riyadh Arab-China Summit for Cooperation and Development.

The Saudi Press Agency reported that participants included more than 30 leaders and officials from the two countries and international organizations, highlighting the importance of the gatherings and their high regional and international profile.

Jinping’s visit reflects the desire of the leadership of Saudi Arabia and China to strengthen the bilateral relationship, enhance their strategic partnership and realize the political and economic potential it offers to serve their common interests.

More than 20 initial agreements between the two countries, worth more than $29.3 billion will be signed during the presidential visit, along with a strategic partnership deal, and a plan to harmonize the implementation of Saudi Arabia’s Vision 2030 development and diversification project with China’s Belt and Road Initiative.

Saudi Arabia aims to build a strong strategic partnership with China to support trade and investment. The Kingdom was the biggest recipient of Chinese investment in the Arab World between 2005 and 2020, accounting for more than 20.3 percent of the total regional investment, worth $196.9 billion.

The two countries are preparing to launch the SABIC-Fujian Petrochemical Industrial Group, a joint venture worth an estimated SR22.5 billion, in which SABIC has a 51 percent stake, which includes a high-capacity plant for the production of petrochemical products.

Beyond trade and investment, relations between the two countries have also continued to expand and develop more broadly in recent years, particularly in terms of cultural exchanges.

In 2019, for example, the Saudi Ministry of Culture announced the establishment of the Prince Mohammed bin Salman Award for Cultural Cooperation between Saudi Arabia and China, which will be officially launched during President Jinping’s visit.

It aims to promote the Arabic language, along with Arab arts, mutual understanding, and cultural exchanges, reflecting the Kingdom’s desire to further enhance the cultural aspects of relations.

GAROWE ONLINE