[King Abdullah Economic City, 6th March 2024] The Economic Cities and Special Zones Authority (ECZA), in collaboration with Invest Saudi, played host to a delegation of over 200 private sector and government officials from Shandong province, China, to King Abdullah Economic City (KAEC) for a visit aimed at fostering positive relations and cultivating investment prospects for Chinese enterprises considering expansion into the Saudi market.

Led by the Vice-Chairman of China Council for the Promotion of International Trade Shandong Sub-Council (CCPIT Shandong), the delegation comprised key industry leaders specializing in energy, construction materials, machinery, and agricultural and food processing. This event follows the successful December 2023 visit by His Excellency Khalid Al-Falih, Minister of Investment and ECZA Chairman, to various cities across China, and the Arab-China Business Conference held in Riyadh in June 2023.

Saudi Arabia has ambitious goals to become a global investment powerhouse, with inward investment forming a key component of its Vision 2030 objectives, underpinned by its National Investment Strategy. Vision 2030 and China’s Belt and Road Initiative are highly complementary, signifying a shared commitment to strengthening infrastructure and boosting global connectivity and trade.

The event was opened with keynote addresses by the Secretary General of ECZA, Mr. Nabil Khojah, Advisor for Special Economic Zones at the Ministry of Investment (MISA), Mr. Ziad Aljuhaiman, the Vice Chairman of CCPIT Shandong, Mr. He Zhongjun, and China’s Consul General in Jeddah, Mr. Wang Qimin. It also included presentations by officials from ECZA, KAEC, the Saudi & Global Supply Chain Resilience Initiative, and CCPIT Shandong as well as by Chinese success stories operating within Saudi Arabia.

This was followed by an innovative business matchmaking session specifically designed to link the traveling delegation with relevant private and public entities within Saudi Arabia to foster new ties and propel their business development. They also shared dinner and enjoyed Saudi cultural experiences as part of the visit.

Commenting on the success of the visit, the Secretary General of ECZA, Mr. Nabil Khojah, said: “It was a pleasure to welcome our friends from Shandong province and to showcase the Kingdom's Special Economic Zones. The zones have been individually designed with the investor in mind, from the development of industrial clusters to streamlined processes to facilitate the ease of doing business, which together create a highly attractive value proposition that places Saudi Arabia at the forefront of global investment opportunities.”

Ziad Aljuhaiman, Special Economic Zones Advisor at MISA, said: “This occasion served as a testament to the growing relationships between Saudi Arabia and China, which continues to go from strength to strength.”

Mansour Al-Salem, Managing Director of Emaar Economic City, said: “We were honored to welcome our esteemed guests from Shandong province, both from the private and government sectors to King Abdullah Economic City (KAEC). This visit confirms the growing global interest in Saudi Arabia’s economic landscape, driven by the transformative strategies of Vision 2030. It symbolized the growing trust in our nation’s potential and the growing opportunities that lie within. As we open our doors to delegations worldwide, we reaffirm our unwavering commitment to fostering impactful partnerships, unleashing the vast investment potential of KAEC, and collectively steering towards a future of sustainable growth and shared prosperity.”

Reflecting a growing economic relationship, bilateral trade between Saudi Arabia and China reached $90 billion for the year up until November 2023, spurred by an 8.7% GDP growth and more than 600 reforms designed to improve the Kingdom’s business climate.

All parties look forward to building on the success of the visit by working with the Chinese delegation to increase opportunities for bilateral investment opportunities while continuing to cultivate strong and lasting partnerships between the nations of Saudi Arabia and China.