Newsnomics AJAY ANGELINA reporter | Chinese president Xi Jinping and Saudi Arabia's crown prince Mohammad Bin Salman has signed series of strategic deals includes energy projects, Saudi Arabia’s ambitious vision 2030, petrochemicals projects, housing development and teaching Chinese language etc.
Chinese President Xi and Saudi Arabia's royal Bin Salman met on Thursday Dec 8 at Yamamah Palace in Riyadh, flanked by high-ranking officials wearing face masks, footage aired on state television showed.
“Comprehensive strategic Agreements worth about $30 billion were to be signed”, said Saudi state media.
As China seeks to shore up its Covid-hit economy and as the Saudis, long-term U.S. allies, push to diversify
their economic and political alliances.
According to the official Saudi Press Agency, China- Saudi made cooperative deals by signing energy agreements on hydrogen as well as a plan to "harmonize" Saudi Arabia's ambitious economic reform agenda, Vision 2030, the futuristic $500bn megacity Neom with China's trillion-dollar Belt and Road Initiative.
They also signed deals on petrochemicals project, housing development and the teaching of the Chinese language, SPA said, though it did not detail their substance or monetary value.
They "agreed to hold a heads of state meeting between the two countries in turn every two years", Chinese
state media said.
"I am very pleased to visit Saudi Arabia again after six years. I still remember the scenes from my last visit," Xi
said in remarks carried by Chinese state broadcaster CCTV.
"The Chinese side views the Saudi side as an important force in a multipolar world and attaches high importance to developing a comprehensive strategic partnership with Saudi Arabia."
He said Beijing was ready to expand its crude oil trade with Riyadh and would "list Saudi Arabia as a destination country for outbound tourism organized by Chinese citizens"
This "has not only enriched both countries' peoples but promoted regional peace, security, prosperity and development," Xi said, according to CCTV.
Saudi Minister of Investment Khalid Al-Falih told Saudi state media that this week’s visit “will contribute to raising the pace of economic and investment cooperation between the two countries”, offering Chinese companies and investors “rewarding returns”.
Xi also met with Prince Mohammed's father, 86-year-old King Salman, signing a comprehensive strategic partnership agreement first reached during Xi's last visit in 2016, state media reported.
Earlier on Thursday, Saudi state media announced 34 investment agreements in sectors including green hydrogen, information technology, transport and construction. State broadcaster Al-Ekhbariya said another 20 agreements worth 110 billion riyals ($29.3 billion) were due to be signed.
