Chinese and Saudi staff members of Yanbu Aramco Sinopec Refining Company exchange views at the company's factory in the western Saudi Arabian city of Yanbu, on November 27, 2022. Photo: Xinhua

Chinese and Saudi Arabian companies are inking investment deals in sectors ranging from infrastructure to aquaculture in the week following the successful 10th Arab-China Business Conference, which gathered more than 3,500 Chinese and Saudi officials and business representatives.

In total 30 investment agreements worth $10 billion were signed at the event.

Observers noted that so many investment deals showed vast cooperation potential between the two large countries in fields other than energy, and is a clear rejection of the zero-sum game mentality being pursued by the US government.

Chinese infrastructure giant China Energy Engineering Corp (CEEC) announced on Sunday that it signed a memorandum of understanding with Saudi firm Al Jomaih Energy & Water Co to cooperate on energy, water and infrastructure projects in Saudi Arabia and the Middle East region. 

CEEC said in a statement on its website that Saudi Arabia is one of the world's most vibrant economic hubs and innovation centers, and it is hoped that breakthroughs could be made in solar panels, hydrogen innovation, energy storage and seawater desalination under the Belt and Road Initiative.

The deal between CEEC and Al Jomaih Energy & Water Co followed the signing of deals between Saudi and Chinese companies in other sectors including new-energy vehicles and grain production.

Bank of China is set to open its first branch in Riyadh, capital of Saudi Arabia, later this year, local media outlet Arab News reported last week.

Zhanjiang Guolian Aquatic, a Zhanjiang-based seafood company, announced on Tuesday that it had signed a memorandum of understanding with Saudi Arabia's Public Investment Fund Asia Division. The two sides will engage in cooperation on the seafood trading platform, futures trading and procurement with deals totaling $500 million. 

The Saudi fund will also provide funding of $60 million for the company's global purchase program.

Yin Gang, a research fellow with The Chinese Academy of Social Sciences, told the Global Times on Sunday that such emerging deals reflect the deepened cooperation ties between China and Saudi Arabia in recent years as many of the deals require strong mutual trust.

The cooperation agreements, covering a wide range of sectors including technology, agriculture, real estate, minerals, supply chains, tourism and healthcare, tap into China's competitive advantages in the construction of projects and services. "It's possible that even bigger projects will be rolled out in the future."

Ahead of the Arab-China Business Conference, US Secretary of State Antony Blinken visited Saudi Arabia.When asked about US criticism of Saudi Arabia's growing ties with China, Saudi Energy Minister Prince Abdulaziz bin Salman said, "We don't have to be engaged in what I call a zero-sum game."

Global Times