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SAUDI ARABIA-Raft Of Agreements Signed, Agree To Hold Biennial Summit

CHINA

China and Saudi Arabia have signed a raft of agreements and memoranda of understanding as part of a multi-day visit by Chinese President Xi Jinping to the kingdom. Saudi state news has confirmed that the two nations have signed: a Comprehensive Strategic Partnership Agreement, a memorandum of understanding to encourage direct investment, a MoU on hydrogen energy, and an agreement on coordination between two major long-term infrastructure and logistics projects: Saudi's 2030 Vision and China's Belt & Road. Speculation that these deals could be worth around USD30bn

  • Saudi Crown Prince Mohammed bin Salman is currently hosting Xi, with China's Xinhua news reporting that the two nations have agreed to hold a leaders summit every other year.
  • Xi's visit comes as relations between Saudi and the US - historically one of the strongest bilateral relationships in the Middle East - are at multi-year lows. Saudi sees China as important driver of economic diversification away from hydrocarbons as part of Vision 2030, while China views Saudi as an important staging post in the Belt & Road initiative.

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