Kingdom sees increased cooperation in investment, science and exchanges

The visit of Chinese President Xi Jinping to Saudi Arabia brings good fortune to the kingdom with the sealing of their comprehensive strategic partnership, according to Saudi ministers.

Saudi Minister of Investment Khalid A. Al-Falih and Minister of Communications and Information Technology Abdullah Alswaha expressed high expectations for overall bilateral cooperation in investment and trade, science and technology and people-to-people exchanges in the coming years.

As leaders of the countries match Saudi Vision 2030 with the Belt and Road Initiative, the two have made much progress since Xi's first state visit to the kingdom in early 2016, when he co-inaugurated industrial and research projects with Saudi leaders.

"We have seen alignment in the political area, security area, and defense and energy," said Al-Falih.

Alswaha said Xi's visit is historic for the kingdom, and bilateral ties are at their best.

As peoples of both countries enjoy more products from each other, the interconnectivity between the top leadership would embrace a new momentum, Al-Falih said, and Xi's visit is expected to bring about "significant acceleration in the building of economic ties between the two countries."

In the first two days of Xi's stay in Riyadh, 35 agreements and memorandums of understanding on bilateral cooperation projects were inked among public and private sectors, with a total value of about $30 billion.

Hussain Al-Shammari, director of international media of the Saudi Ministry of Media, told Riyadh-published Arab News that the phenomenon "is the deal of the decade for both countries."

On Thursday evening, in the Ministry of Investment, the two ministers witnessed the signing of an investment agreement by Jerry Li, founding partner of eWTPA, on behalf of Chinese gaming company OneMT, with Saleh Khabti, Saudi deputy minister of investment. This cooperation could potentially boost the kingdom's digital gaming sector and cement its position as a gaming hub in the MENA region.

The investment agreement signed between Saudi Arabia and China's leading gaming company OneMT will help the Middle East country become a global hub for e-gaming and e-sports, said Alswaha.

Since Xi's visit in 2016, Al-Falih noted, Saudi and Chinese entities and counterparts are not only cooperating in the two countries, but also doing projects in other parts of the world.

"I expect to see Saudi and Chinese entities partnering together more and more to go around the world and help achieve the Vision 2030 objectives, as well as the Chinese Belt and Road strategy objectives," said the minister.

Recounting his personal experience with Xi, Al-Falid said Xi "is a friend of the kingdom."

He cited Xi's efforts decades ago as leader of Fujian province to help Aramco build the biggest refinery in China. Al-Falih had served as Saudi Aramco's CEO and chairman before becoming the kingdom's minister of energy.

The relationship of Saudi Arabia and China "is becoming stronger and stronger and stronger by the day, by the hour," he said.

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