Saudi Gazette report

RIYADH — Saudi Minister of Investment Khalid Al-Falih underscored the plan to draw investments and financial flows exceeding $3 trillion by 2030.

Saudi Arabia, participating in the first Sino-Gulf Cooperation for Industries and Investments Forum in Xiamen, China, on May 23 and 24, focused on its ambitious Vision 2030. Led by Minister Al-Falih, the Saudi delegation included key representatives from both the government and private sectors.

During the forum, Minister Al-Falih highlighted the collective economic resources, strategic components, and advantages offered by the Gulf Cooperation Council (GCC) countries.

He emphasized the potential for a beneficial partnership between the GCC countries and China, which could lead to unprecedented opportunities for economic and investment expansion. With a combined gross domestic product (GDP) of $2.2 trillion, constituting 65% of the Middle East's GDP, the GCC represents a vibrant and promising integrated market.

The minister also showcased the strong trade relationship between the Kingdom and China, noting that the trade volume reached approximately SR362 billion in 2023, marking the highest level since 2014. Additionally, he pointed to a significant growth in direct Chinese investments in the Kingdom, which saw a 5.1% increase in 2022 compared to the previous year and a 37.3% increase from 2018.

Throughout the event, Minister Al-Falih held bilateral meetings with senior officials from various Chinese government agencies and leading companies to discuss ways to enhance and develop investment cooperation, further aligning with Saudi Arabia’s commitment to economic growth and development under Vision 2030.