- Saudi Arabia is hosting the 10th Arab-China Business Conference in Riyadh, aiming to strengthen trade relations with China. The conference brings together policymakers, government officials, investors, and executives from leading companies in both countries to expand trade with China beyond the oil industry.
- The Conference is a significant event aiming to strengthen the consistently growing trade and economic ties between the two countries. Its focus this year is to explore ways of enhancing existing ties and promoting economic cooperation. As Saudi Arabia focuses on diversifying its economy, it seeks to deepen trade relations with global partners.
Why it matters
China and the Arab world have a trade history of 1,500 years, with China now being Saudi Arabia's largest trading partner. Trade between the two countries reached $87.3 billion in 2021 and $95.46 billion between January and October 2022. China is the biggest importer of Saudi Arabia's oil, purchasing around 1.75 million barrels per day in 2022. President Xi Jinping's visit to Saudi Arabia marked a significant milestone, including participation in summits with Arab leaders.