{"id":1407100,"date":"2023-08-17T23:00:00","date_gmt":"2023-08-18T03:00:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1407100"},"modified":"2023-08-17T23:00:00","modified_gmt":"2023-08-18T03:00:00","slug":"saudi-arabia-inks-1-3bn-worth-of-housing-infrastructure-deals-with-china","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/saudi-arabia-inks-1-3bn-worth-of-housing-infrastructure-deals-with-china\/1407100\/","title":{"rendered":"Saudi Arabia Inks $1.3BN Worth Of Housing, Infrastructure Deals With China"},"content":{"rendered":"

Saudi Arabia Inks $1.3BN Worth Of Housing, Infrastructure Deals With China<\/span><\/p>\n

\n

Via The Cradle,<\/em><\/a><\/p>\n

Representatives from Saudi Arabia and China\u00a0signed<\/a>\u00a0several housing and infrastructure agreements worth $1.33 billion on the sidelines of the Saudi-Chinese Business Forum<\/strong> hosted by Beijing on Wednesday.<\/p>\n

“[A total of] 12 agreements and memorandums of understanding were signed between the Saudi side and Chinese companies in the fields of infrastructure and financing,” Saudi Minister of Municipal and Rural Affairs and Housing Majid al-Hogail, who presided over Wednesday’s forum, said in a tweet.<\/p>\n

Getty Images<\/em><\/a><\/p>\n

Although the names of the companies involved were not made public, a press release from the Saudi government revealed that Hogail met with representatives of the Chinese state-owned investment conglomerate <\/strong>CITIC to discuss “construction in Saudi Arabia and green housing technology.”<\/p>\n

“These partnerships are set to foster advancements in key areas, including five focused on real estate developments, signaling a promising trajectory for the mutual growth of the Kingdom and China,” the state-run\u00a0Saudi Press Agency\u00a0(SPA) said on Thursday.<\/p>\n

During his speech at the forum, Hogail stressed Riyadh\u2019s “dedication to enhancing its partnership with China” as he spoke about several recent achievements, including the summits led by Chinese President Xi Jinping’s visit to Saudi Arabia in December.<\/p>\n

“With the construction of over 300,000 housing units across 17 Saudi cities<\/strong>, covering an area of over 150 million square meters., and valued at over [$26.66 billion], the kingdom holds significant investment opportunities,” Hogail emphasized.<\/p>\n

Saudi Arabia has significantly\u00a0increased\u00a0<\/a>its economic cooperation with China over the past few years as the kingdom moves away from Washington’s\u00a0sphere of influence<\/a>.<\/p>\n

In June, during the 10th Arab-China Business Conference in Riyadh, Saudi Arabia’s Ministry of Investment signed\u00a0$10 billion<\/a>\u00a0worth of investment agreements with Chinese companies.\u00a0Saudi Foreign Minister\u00a0Faisal bin Farhan<\/a>\u00a0said in a speech during the conference that China remains the largest trading partner of Arab countries<\/strong>, with the volume of trade exchange reaching $430 billion in 2022, up 31 percent from the previous year<\/strong>.<\/p>\n

\u062c\u0631\u0649 \u062e\u0644\u0627\u0644 \u0627\u0644\u0645\u0644\u062a\u0642\u0649 \u062a\u0648\u0642\u064a\u0639 12 \u0627\u062a\u0641\u0627\u0642\u064a\u0629 \u0648\u0645\u0630\u0643\u0631\u0629 \u062a\u0641\u0627\u0647\u0645 \u062a\u0639\u0627\u0648\u0646 \u0628\u064a\u0646 \u0627\u0644\u062c\u0627\u0646\u0628 \u0627\u0644\u0633\u0639\u0648\u062f\u064a \u0648\u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0635\u064a\u0646\u064a\u0629 \u0641\u064a \u0645\u062c\u0627\u0644\u0627\u062a \u0627\u0644\u0628\u0646\u0649 \u0627\u0644\u062a\u062d\u062a\u064a\u0629 \u0648\u0627\u0644\u062a\u0645\u0648\u064a\u0644.<\/p>\n

\u0643\u0627\u0646 \u0645\u0646 \u0628\u064a\u0646\u0647\u0627 5 \u0627\u062a\u0641\u0627\u0642\u064a\u0627\u062a \u0641\u064a \u0645\u062c\u0627\u0644 \u0627\u0644\u0625\u0633\u0643\u0627\u0646 \u0628\u0642\u064a\u0645\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u062a\u0635\u0644 \u0625\u0644\u0649 5 \u0645\u0644\u064a\u0627\u0631 \u0631\u064a\u0627\u0644 \u0633\u0639\u0648\u062f\u064a. pic.twitter.com\/2WVdbuEKQb<\/a><\/p>\n

\u2014 \u0645\u0627\u062c\u062f \u0627\u0644\u062d\u0642\u064a\u0644 (@majedhogail) August 16, 2023<\/a><\/p>\n

Furthermore, Saudi Aramco acquired a\u00a0$3.4 billion<\/a>\u00a0stake in the Chinese petrochemical firm Rongsheng Petrochemical Co. Ltd last month. The two countries are also in\u00a0talks<\/a>\u00a0to allow exchange-traded funds (ETFs) to list on each other’s stock exchanges<\/strong>.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 08\/17\/2023 – 19:00<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/geopolitical\/saudi-arabia-inks-13bn-worth-housing-infrastructure-deals-china<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia Inks $1.3BN Worth Of Housing, Infrastructure Deals With China Via The Cradle, Representatives from Saudi Arabia and China\u00a0signed\u00a0several housing and infrastructure agreements worth…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1407100","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1407100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1407100"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1407100\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1407100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1407100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1407100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}