35 Chinese companies have opened regional headquarters in Saudi, envoy says
Thirty-five Chinese companies have opened regional headquarters in Saudi Arabia, a move aimed at increasing investments.
Chinese Ambassador to Saudi Arabia, Chang Hua, said in exclusive statements published by the Saudi newspaper Al-Eqtisadiah yesterday: “Saudi Arabia is one of the most important contractor markets for China in the Middle East, prompting Chinese companies to execute numerous infrastructure projects, such as telecommunications engineering, wastewater treatment, ports, and transportation projects.”
The companies’ activities also included public facility projects such as sports stadiums and social housing, new energy development projects such as solar power plants and energy storage, and manufacturing industries such as petrochemicals and mineral mining, according to the Chinese official, who confirmed Chinese companies’ determination to continue increasing their investments in Saudi Arabia.
Chinese companies’ total direct investments reached $2.481 billion by 2023, according to the latest data released by the Saudi General Authority for Statistics.
Hua added: “Chinese companies currently operating in Saudi Arabia cover areas including contracting, logistics, e-commerce, telecommunications services, biomedicine, industrial investment, and industrial zone construction, and are gradually expanding into financial services, consulting, technological cooperation, and retail, reflecting a shift from an energy-dependent model to an innovation-driven model.”
“The volume of bilateral trade between the two countries has exceeded $100 billion in consecutive years,” he explained.
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