Chinese entrepreneurs and investors are heading to Riyadh in Saudi Arabia in just a few days to attend an economic conference that will bring together prominent figures from companies and governments to explore expansion opportunities and gather funding amid the warming diplomatic relations between the two countries. Saudi Arabia welcomes Arab and Chinese businessmen in a new era of relations, while Beijing described the conference as its largest diplomatic initiative in the Arab world.
The conference, set for Sunday and Monday, comes two days after U.S. Secretary of State Antony Blinken's visit to Saudi Arabia. The growing cooperation between Riyadh and Beijing in security and sensitive technology is a significant concern for the United States.
According to an informed source, the conference is expected to attract around 2,000 participants from mainland China, making it one of the largest business delegations to Saudi Arabia. This conference, which includes China and energy-producing Gulf countries, takes place at a time when economic slowdown and geopolitical tensions pose additional challenges for many Chinese funds and companies in raising capital and expanding.
The conference also occurs as Saudi Arabia seeks to reduce its dependence on oil and modernize its economy with new sectors according to an economic agenda known as Vision 2030, while deepening ties with Beijing. The anticipated event will feature Chinese entrepreneurs representing a range of sectors, from renewable energy and artificial intelligence to biotechnology, finance, and tourism.
