By Swann Collins, investor, writer and international business consultant – Eurasia Business News, December 11, 2022

Saudi Arabia and China reached an agreement at the Riyadh summit, covering $50 billion in bilateral investments.

Details of the agreements were not disclosed. However, as noted by Saudi Investment Minister Khalid al-Falih, investments involve both the private and public sectors.

From December 8 to 11, Chinese President Xi Jinping paid a three-day state visit to Saudi Arabia, where he was received as a distinguished guest. This is his first visit in six years.

Saudi Arabia is now in discussions with China on the terms of payment in yuan for the sale of oil to Beijing.

Immediately after Xi Jinping’s visit began, Saudi and Chinese companies signed 34 investment agreements in areas ranging from green energy and information technology to transportation and construction.

In addition, King Salman bin Abdulaziz Al Saud and President Xi Jinping signed a comprehensive strategic partnership agreement.

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The two sides also agreed on coordination between Saudi Arabia’s Vision 2030 development program and China’s Belt and Road Initiative (BRI), launched in 2013.

In 2021, the commercial turnover between Saudi Arabia and China amounted to 309 billion Saudi riyals (about 82.1 billion dollars). In addition, in 2021, China bought 17% of the kingdom’s imported oil. Saudi Arabia ranked 12th in the list of countries in terms of investment in the Chinese economy, according to the official Saudi news agency SPA.

In October 2022, Saudi Arabia renewed its interest in joining the BRICS group (Brazil, Russia, India, China, South Africa), an interest first expressed last July.

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