The Royal Commission for Jubail and Yanbu, Saudi Aramco and a Chinese company will set up a joint investment firm targeting Saudi Arabia's Jizan region, it has been revealed.
The company will be the biggest investment platform between the two countries, with the aim of attracting Chinese investments in various industrial sectors in Jizan, said Khalid Al-Falih, Saudi Minister of Energy, Industry and Mineral Resources.
“Saudi Arabia aspires to be the biggest investor in the sector of refining petrochemicals in the Chinese market, and there will be a big development in this field,” said Al-Falih.
Signed investment agreements between Saudi Arabia and China are worth more than $60 billion, he said in the report.
Chinese Vice Premier Zhang Gaoli on Wednesday held a meeting with Saudi businessmen representing various economic, industrial and investment sectors, in the presence of Al-Falih.
Last week Jeddah hosted the Saudi-Chinese Investment Forum, organised by the Ministry of Energy, Industry and Mineral Resources with the involvement of the Ministry of Commerce and Investment, the Council of Saudi Chambers, and Saudi and Chinese businessmen.