DOHA (Pakistan Point News / Sputnik - 12th June, 2023) The first day of the 10th Arab-China business Conference in Saudi Arabia ended with the signing of 30 investment agreements worth 37.5 billion Saudi Riyals ($9.9 billion), the state-run Saudi Press Agency (SPA) reported on Sunday.
The parties signed agreements in the field of technology, renewable energy, agriculture, real estate, minerals, logistics, tourism and healthcare, the report noted.
In particular, Saudi and Chinese companies, Amar Al-Oula and Zhonghuan International Group (Hong Kong), respectively, have signed a $533 million deal to set up an iron ore processing plant and produce iron pellets for smelters in Saudi Arabia. ASK Group and the China National Geological and Mining Corporation also entered into a $500 million agreement to develop, build and operate a copper mining project in the Arabian Peninsula region, the report added.
The Saudi Ministry of Investment and Chinese company Human Horizons, which specializes in the development of self-driving technologies and the production of electric vehicles under the HiPhi brand signed an agreement for 21 billion Saudi riyals to establish a joint venture for research in the development, production and sale of cars, the report said.
