Saudi Arabia signs $5.6bn EV deal as it eyes closer China ties
1 year, 7 months ago

Saudi Arabia signs $5.6bn EV deal as it eyes closer China ties

Al Jazeera  

Riyadh leads the Arab region in boosting trade ties with Beijing as it looks to diversify its economy away from oil. Saudi Arabia has signed a $5.6bn deal with a Chinese company to manufacture electric vehicles as the kingdom is looking to lead the Arab world in expanding economic ties with Beijing. The 10th Arab-China Business Conference held under the patronage of Crown Prince Mohammed bin Salman aims to enhance a “strategic” partnership based around the Belt and Road Initiative, the Saudi Press Agency said. As the world’s top exporter of oil, Saudi Arabia’s relations with China still largely revolve around energy, but as part of its Vision 2030 plan to diversify the economy, Riyadh is planning to boost investments in non-oil sectors, including in electric cars. Saudi officials told the conference that the total volume of trade between China and the Arab world reached a record $430bn in 2022, with Saudi Arabia accounting for about 25 percent with a massive bilateral trade volume of $106bn that jumped 30 percent over the previous year.

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History of this topic

China, Saudi Arabia fortify pillar of relations by expanding investment, trade
4 months ago

China, Saudi Arabia fortify pillar of relations by expanding investment, trade

China Daily  

RIYADH - Chinese Premier Li Qiang's visit to Saudi Arabia, which concluded on Wednesday, has underscored the role of investment and trade as a key pillar of the China-Saudi Arabia relationship. Following the meetings, Saudi Arabia's Minister of Investment Khalid Al-Falih told Xinhua that China and Saudi Arabia have bright prospects for investment cooperation, noting that around 750 Chinese joint …

Saudi Arabia eyes tie-ups with China in R&D, innovation
4 months, 1 week ago

Saudi Arabia eyes tie-ups with China in R&D, innovation

China Daily  

Saudi Arabia is eyeing greater collaboration in research and development, as well as innovation with Asia as it looks to China for technology and automotive advancement in its mining sector transformation push, according to a senior government official. Saudi Arabia's Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef, told China Daily in an interview in Hong Kong on …

Sino-Saudi ties prospering in energy sector
5 months, 4 weeks ago

Sino-Saudi ties prospering in energy sector

China Daily  

By ZHENG XIN | China Daily | Updated: 2024-07-18 06:49 China and Saudi Arabia have embarked on several landmark projects to jointly bolster renewable energy efforts, which will pave the way for significant advancements in renewable energy infrastructure and technology that will benefit both nations, according to analysts. With a total investment of approximately $2.08 billion, the factory will further …

Sino-Saudi ties prospering in energy sector
5 months, 4 weeks ago

Sino-Saudi ties prospering in energy sector

China Daily  

China and Saudi Arabia have embarked on several landmark projects to jointly bolster renewable energy efforts, which will pave the way for significant advancements in renewable energy infrastructure and technology that will benefit both nations, according to analysts. With a total investment of approximately $2.08 billion, the factory will further solidify the renewable energy collaboration between China and Saudi Arabia, …

Tesla, Saudi Arabia in talks for EV factory in gulf kingdom to diversify economy
1 year, 3 months ago

Tesla, Saudi Arabia in talks for EV factory in gulf kingdom to diversify economy

Live Mint  

Saudi Arabia is in early talks with US electric automaker Tesla to set up a manufacturing facility in the kingdom to help diversify its economy away from oil, the Wall Street Journal reported Monday citing sources. The gulf country has been wooing the US automaker with the right to purchase certain quantities of metals and minerals the company needs for …

China bags major EV contract worth $5.6 billion as Saudi Arabia looks to adopt EVs
1 year, 7 months ago

China bags major EV contract worth $5.6 billion as Saudi Arabia looks to adopt EVs

Firstpost  

In a big boost to the Chinese EV industry, The Ministry of Investment in Saudi Arabia has entered into a partnership with Human Horizons, a prominent Chinese EV maker, and signed a $5.6 billion agreement. China will be a big part of Saudi Arabia’s EV adoption The Ministry of Investment in Saudi Arabia has recently entered into a significant partnership …

Saudi Arabia Pushes for Cooperation with China, Disregards Western Suspicions
1 year, 7 months ago

Saudi Arabia Pushes for Cooperation with China, Disregards Western Suspicions

News 18  

Saudi Arabia wants to collaborate, not compete, with China, the kingdom’s energy minister declared on Sunday, saying he “ignored” Western suspicions over their growing ties. OIL DEALS In March, state oil giant Saudi Aramco announced two major deals to raise its multi-billion dollar investment in China and bolster its rank as China’s top provider of crude. They were the biggest …

News Analysis: Renewed Saudi-Iranian ties, brokered by China, force new calculations in Mideast
1 year, 10 months ago

News Analysis: Renewed Saudi-Iranian ties, brokered by China, force new calculations in Mideast

LA Times  

The surprise announcement of a resumption of diplomatic ties between Saudi Arabia and Iran, thanks to a deal brokered by Beijing, underscores regional governments’ interest in a de-escalation of tensions — and China’s willingness to wield its economic clout to achieve it. “In some ways, we couldn’t do that, given that they have a state-run economy and a command-style economy …

China's Xi meets Saudi crown prince on high-stakes visit
2 years, 1 month ago

China's Xi meets Saudi crown prince on high-stakes visit

The Hindu  

Chinese President Xi Jinping met Saudi Arabia's powerful crown prince on Thursday on an Arab outreach visit that will yield billions of dollars in deals and has earned a rebuke from Washington. Xi, who flew in on Wednesday, was greeted with a handshake by 37-year-old Crown Prince Mohammed bin Salman, de facto ruler of the world's biggest oil exporter, at …

China, Saudi Arabia cement ties with deals including Huawei
2 years, 1 month ago

China, Saudi Arabia cement ties with deals including Huawei

Al Jazeera  

Chinese President Xi Jinping hails ‘new era’ in relationship with Gulf as he meets Saudi crown prince, king. Chinese President Xi Jinping and Saudi King Salman have signed a series of strategic deals, including one involving Chinese tech giant Huawei, as part of a visit expected to bolster political and economic ties. After Xi’s arrival on Wednesday, with formation jets …

When China and Saudi Arabia meet, nothing matters more than oil
2 years, 1 month ago

When China and Saudi Arabia meet, nothing matters more than oil

CNN  

Hong Kong CNN — Chinese leader Xi Jinping is visiting Saudi Arabia this week for the first time in nearly seven years, during which he signed a comprehensive strategic partnership with the world’s largest oil exporter and met leaders from across the Middle East. Saudi Arabia is China’s largest trading partner in the Middle East and the top global supplier …

Saudi Arabia signs deals worth $50 billion in oil, gas and infrastructure
6 years, 2 months ago

Saudi Arabia signs deals worth $50 billion in oil, gas and infrastructure

Live Mint  

Riyadh: Saudi Arabia signed deals worth more than $50 billion in oil, gas, infrastructure and other sectors at an investment conference in Riyadh on Tuesday, officials there said. Companies involved in the deals included commodities trader Trafigura, Total, Hyundai, Norinco, Schlumberger, Halliburton and Baker Hughes, state television said. Saudi Aramco said it had signed agreements with 15 international partners worth …

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