Skip to content Skip to Search
Skip navigation

China unclear on report that President Xi is to visit Saudi Arabia

Person, Human, Tie Creative Commons
Xi has not made any official visit to a foreign country since January 2020

A Chinese foreign ministry spokesperson told Reuters on Thursday that he had no information to offer at the moment when asked to comment on a media report that President Xi Jinping will visit Saudi Arabia next week.

The Guardian in the UK reported on Thursday that plans are underway in Saudi Arabia for a gala reception for Xi, without saying where it got the information from.

President Xi has not made any official visit to a foreign country since January 2020.

The reports come amid increasingly closer ties between the two countries. New data last month showed that Saudi Arabia has become the biggest recipient of Chinese investment through the Belt and Road Initiative (BRI).

The BRI was launched by the Chinese president in October 2013. Over the last nine years a total of $932 billion has been spent developing projects throughout Asia, Africa and Latin America.

While overall BRI spending between January and June this year declined four percent year-on-year to $28.4 billion, the Middle East was the destination for 57 percent of all funding over the period.

Saudi Arabia topped the global rankings with $5.5 billion, according to research by the Shanghai-based Green Finance and Development Center (GFDC).

One of the biggest deals saw China’s state-owned Silk Road Fund become part of an international consortium that bought a 49 percent in Saudi Aramco’s gas pipelines subsidiary for $15.5 billion.

The GCC accounts for around two thirds of China’s imports of crude oil.

Dr Christoph Nedopil Wang, director of the GFDC and author of the report, said China’s stronger engagement in the Middle East, especially in the hydrocarbons sectors, “might also be driven by some of the Western companies’ interest in reducing some of the oil and gas investments in the region, which can be seen as an opportunity for Chinese partners.”

Last week, the Saudi Aramco also announced it had signed an agreement with China Petroleum and Chemical Corporation (Sinopec) to develop projects in the kingdom, underscoring the strong investment links between the two countries.

The Memorandum of Understanding covered a number of areas including potential collaborations across upstream and downstream businesses, engineering and construction, oilfield services, carbon capture and hydrogen, Aramco said.

It also outlined the possibility of Sinopec establishing a local manufacturing hub in King Salman Energy Park.

Latest articles

It is hoped the use of AI will speed up the time-consuming process of screening patients for cancer

Mubadala-backed US startup working on AI cancer care

A US genomics startup, backed by Abu Dhabi’s sovereign wealth fund Mubadala, is working with ChatGPT creator OpenAI to improve cancer screening and treatment using artificial intelligence models. Color Health, which uses data science and machine learning for genetic testing and counselling in hereditary cancer and heart conditions, has developed an AI assistant, or “copilot”, […]

Gems operates more than 60 schools with over 130,000 students across the Middle East and North Africa

Brookfield to invest in Dubai’s Gems Education

A consortium led by Canada’s Brookfield Asset Management is to invest in Gems Education, the UAE’s private school operator. Other members of the group include Gulf Islamic Investments, Marathon Asset Management and the State Oil Fund of the Republic of Azerbaijan. Financial details were not disclosed but the investment is expected to be almost $2 […]

Two companies are dominant in the lithium industry – Chile’s SQM and US business Albemarle. In 2023, each commanded about 20 percent of global supply

Saudi Arabia targets Chile for lithium investments

Saudi Arabia’s mining minister Bandar Alkhorayef will visit Chile next month to negotiate a deal to secure lithium to support the kingdom’s ambition to expand its electric vehicle (EV) sector, a news report said. Alkhorayef will meet with his counterpart in Santiago, Reuters reported, quoting a Chilean government statement. The report said the two officials will discuss […]

Oman's tourism revenue increase was driven by a 15 percent rise in hotel guest numbers

Luxury hotel revenues in Oman rise to $242m

Oman’s luxury hotels continued to make money in April as the number of guests surged. The revenue of three- to five-star hotels rose 11 percent year on year to OMR93 million ($242 million), the state-run Oman News Agency said, quoting the National Centre for Statistics and Information data. The revenue increase was driven by a […]