Arab-China Business Conference 2023

The Arab-China Business Conference 2023, also known as Arab-Chinese Businessmen Conference 2023, marks the tenth edition of this event. Organized by the Ministry of Investment of the Kingdom of Saudi Arabia in partnership with the Secretariat General of the League of Arab States, the Saudi-Chinese Business Council, and the Union of Arab Chambers, the conference was held on June 11-12, 2023, at King Abdulaziz International Conference Center in the capital, Riyadh. Under the theme "Collaborating for Prosperity". The conference reflected the growing trade movement between the Arab world and China, aiming to achieve solutions that respect the common interests of both Arab nations and China through strategic cooperation.

One of the objectives of the conference in its tenth edition was to create a space for discussion and dialogue among a group of senior executives, business leaders, investors, and entrepreneurs. The conference provided a comprehensive opportunity for collaboration and agreement on mutually beneficial business initiatives between Arab countries and China.

The discussions and activities of the tenth Arab-China Business Conference in Riyadh covered several key tracks, including panel discussions, private meetings, and side events that addressed a number of selected main topics. Notable among these were environmental, social, and governance responsibilities, and enhancing the resilience of supply chains. The conference attracted over 3,500 participants, including business leaders, innovators, and decision-makers from more than twenty-six countries. The conference tracks also featured keynote speeches, private meetings with government leaders and key figures in the public and private sectors, and specialized workshops on major topics, such as oil and gas supply chains, innovation and research partnerships, challenges and solutions for global trade supply chains, mining, and food manufacturing.

The Arab and Chinese sides concluded the tenth edition of the Arab-China Business Conference with the "Riyadh Declaration", which included nine key points. These points encompassed enhancing economic partnerships, exploring new opportunities for cooperation, supporting entrepreneurship and small and medium-sized enterprises, exchanging research and scientific innovations, organizing qualification and training programs to strengthen human capital, activating cooperation to achieve market stability, addressing social and economic challenges, promoting economic integration, and maximizing renewable energy sources.

On the Saudi side, the tenth Arab-China Business Conference in Riyadh witnessed the signing of investment agreements of a value exceeding USD10 billion (SAR37.5 billion). These agreements included thirty deals across various sectors, such as: technology, renewable energy, agriculture, real estate, minerals, supply chains, tourism, and healthcare.

Additionally, several agreements were signed between participating companies, including a deal of USD533 million between Amar Aloula Company and Zhonghuan International Group (Hong Kong) Ltd. to establish a plant for processing raw iron ore and manufacturing iron pellets for smelting plants in the Kingdom. Another significant agreement, valued at USD500 million, was signed between ASK Group and China National Geological and Mining Corporation to develop, finance, construct, and operate a copper mining project in the Arabian-Nubian Shield. Furthermore, a framework agreement worth USD266 million was signed between el-Safwa Buildings Company Ltd., Gezhouba Group International Engineering Co. Ltd., and Top Arabia International Engineering Corporation to construct advanced buildings in the Kingdom.

The conference also witnessed the signing of several agreements between the public and private sectors, including an agreement with a value of USD5.6 billion (SAR21 billion) between the Saudi Ministry of Investment and China's Human Horizons, a company specializing in the development of autonomous driving technologies and the manufacture of electric vehicles. The agreement is to establish a joint venture for the research, development, manufacturing, and sale of vehicles. Additionally, a USD266 million agreement was signed between the Ministry of Investment and Hibobi Technology Limited, an Android software developer based in Hong Kong, to develop applications in the tourism sector and various other fields. Another significant deal, valued at USD250 million, facilitated by the Ministry of Investment, was signed between the Saudi Arabia Railways Company (SAR) and CRRC Corporation, a Chinese state-owned rail car manufacturing company listed on the stock exchange, to manufacture train cars and wheels in the Kingdom. Furthermore, a USD150 million deal was signed between the Ministry of Investment, the Ministry of Industry and Mineral Resources, and Sunda Manufacturing Company to produce caustic soda, chlorine and its derivatives, chlorinated paraffins, calcium chloride, and polyvinyl chloride (PVC).