SABIC and Aramco’s investments in China exceed $20 billion

Saudi Investment Minister Khaled al-Falih said his country was committed to acting as a bridge linking the Arab world with China, stressing that it was time for China to become a key strategic partner for development in the Arab region.

The Saudi minister noted that the free trade agreement currently being negotiated by China and the GCC countries should protect emerging Gulf industries, adding that he hopes to conclude the agreement soon, CNBC said.

At the tenth session of the Arab and Chinese Business Conference in Riyadh, Al-Falih said, “We need to enable our industry to export and therefore wish all countries negotiating with us in the free trade agreement to realize that we need to protect these emerging and nascent industries that need to have market economics and some kind of protection.”

“What we need in the next phase is value-added Chinese investment.”

The Gulf region’s two largest economies, Saudi Arabia and the UAE, have launched new industrial strategies to boost domestic economic growth and non-oil exports. Saudi Arabia is developing some sectors such as local manufacturing, mining, metals and advanced technology.

Gulf countries, including the UAE, are increasing their activity in the areas of trade agreements and investment partnerships while looking to diversify their hydrocarbon-focused economies.