China and Saudi Arabia sign deals worth $25 billion

China and Saudi Arabia have signed more than 60 memorandums of understanding and agreements worth more than $25 billion, a new step that confirms the growing partnership between the world’s largest Arab economy and the second largest economy.

The “Invest in Saudi Arabia” platform of the Saudi Ministry of investment announced the signing of agreements at the end of the China-Saudi investment conference organized by the ministry and in coordination with the Chinese Chamber of Commerce for the import and export of machinery and electronic products (CCCME).

The conference saw the launch of the Saudi Ministry of Investment platform “Invest in Saudi Arabia” in Chinese, with the aim of providing the Kingdom with the promising opportunities offered to Chinese investors and strengthening economic relations between the two countries in various sectors, including the renewable energy sector, where Chinese clean energy companies look to the Kingdom as a target destination for the globalization of their industrial bases, according to Bloomberg.