Saudi Arabia and Chinese firms signed 34 investment agreements during a visit of Chinese President Xi Jinping to the Kingdom. The agreements between the two sides covered sectors in the fields of green energy, green hydrogen, photovoltaic energy, information technology, cloud services, transportation, logistics, medical industries, housing, and construction factories, Saudi news agency SPA reported on Thursday.
The volume of trade exchange between the two countries amounted to 304 billion Saudi riyals in 2021, and trade exchange in the third quarter of 2022 recorded 103 billion Saudi riyals. Xi Jinping’s multiple-day visit will include a “Saudi-Chinese summit,” a China-Arab, and a China-Gulf Cooperation Council (GCC) summit, SPA previously reported. The deals included a memorandum of understanding between Huawei and the Saudi communication minister to develop high-speed mobile internet and a cloud-computing facility in the kingdom.