China and Saudi Arabia Sign 8 New Deals to Boost Advanced Manufacturing

Leading companies from China and Saudi Arabia signed eight new agreements to work together in advanced manufacturing during a business event held in Beijing. The event was part of the ongoing Beijing International Investment and Trade Conference.

The deals involve big names such as Saudi Arabia’s National Industrial Development Centre (NIDC), Chinese appliance maker Midea, and robot maker Chaifu Robotics. The agreements cover areas like robotics, smart home technology, international finance, and consulting.

Khalid Al-Hmoud, Executive Vice President of NIDC, told China Economic Net that the partnership supports Saudi Arabia’s Vision 2030, a national plan to grow and modernize the economy. “It’s a win-win situation. Chinese companies get access to more markets in the MENA region, and Saudi Arabia can grow its industrial sector,” he said.

While China and Saudi Arabia have long worked together in oil and gas, they are now focusing more on high-tech industries. For example, in February, Chinese tech giant Lenovo signed a $2 billion deal with Alat, a company under Saudi Arabia’s Public Investment Fund. The deal includes building a large factory in Riyadh to make millions of computers starting in 2026.

Through Vision 2030, Saudi Arabia aims to modernize its economy and increase its industrial output. The goal is to nearly triple its industrial GDP from 276 billion riyals (about $74 billion) in 2023 to 895 billion riyals (about $238 billion) by 2030.