First day of Arab-China conference witnesses signing of 30 deals worth $10 billion

Saudi Foreign Minister Faisal bin Farhan and the vice chairman of the Chinese People’s Political Consultative Conference, Hu Chunhua, attend 10th Arab-China Business Conference in Riyadh, on Sunday. (Reuters)
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Updated 11 June 2023
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First day of Arab-China conference witnesses signing of 30 deals worth $10 billion

  • Saudi energy minister highlights Saudi-China synergies in Vision 2030 and Belt and Road Initiative
  • The kingdom also announced the revival of the Silk Route on the sidelines of the two-day event

RIYADH: The first day of the 10th Arab-China Business Conference saw the signing of 30 investment agreements worth $10 billion across various sectors including technology, renewables, agriculture, real estate, minerals, supply chains, tourism, and healthcare.

According to the Investment Ministry, the Saudi government signed deals with several Chinese entities for projects including a joint venture for automotive research, development, manufacturing and sales, development of tourism and other apps, and production of rail wagons and wheels in the Kingdom.

Several business-to-business deals were also signed at the key business event that began in Riyadh on Sunday.

Speaking at the event, Saudi Energy Minister Prince Abdulaziz bin Salman said: “I would not be surprised if you will hear more announcements soon on Saudi-Chinese investment.”

He said the Kingdom seeks collaboration with the world’s second-largest economy instead of competition.

Prince Abdulaziz said there are synergies between the two countries, as the Kingdom is progressing steadily with its Vision 2030 plan, while China is pursuing its Belt and Road Initiative.

The two-day event has been organized by Saudi Arabia’s investment and foreign ministries in collaboration with the General Secretariat of the Arab League, the Chinese Council for the Promotion of International Trade, and the Union of Arab Chambers.

Saudi Foreign Minister Prince Faisal bin Farhan, who inaugurated the conference on behalf of Crown Prince Mohammed bin Salman, said: “The crown prince has continually amplified efforts to enhance the long-standing and advanced partnership between the Arab world and China in all sectors.”

He said the conference outlines methods for achieving mutual compatibility, exchanging experience, and launching new opportunities that enable growth and investment, resulting in prosperity and progress for all.

The program of plenaries, workshops, special meetings, and side events dedicated to topics such as environmental, social and governance, and supply chain resilience attracted more than 3,500 business leaders, innovators, and policymakers from 26 countries.

In a bid to further boost trade ties with China, Saudi Arabia announced the revival of the Silk Route on the sidelines of the event.

Saudi Investment Minister Khalid Al-Falih said the Kingdom can serve as China’s gateway to the Arab world as the world’s second-largest economy seeks to elevate trade ties with the region.

The Kingdom represents 25 percent of the $432 billion trade between China and Arab countries in 2022.

Commenting on the revival of the Silk Route, the minister said the initiative aligns with Saudi Arabia’s future vision that seeks to diversify its economy and use modern technology to elevate the skills of its youth.

The volume of trade between Saudi Arabia and China hit $106 billion in 2022, registering a 30 percent increase over 2021.

The second day of the program will include a closing keynote from Dilma Rousseff, former president of Brazil and current president of New Development Bank, a multilateral development bank established by Brazil, Russia, India, China, and South Africa to mobilize resources for infrastructure and sustainable development projects in emerging markets and developing economies.


Closing Bell: Saudi main index closes in green at 12,388   

Updated 20 February 2025
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Closing Bell: Saudi main index closes in green at 12,388   

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Thursday, gaining 70.56 points, or 0.57 percent, to close at 12,388.15. 

The total trading turnover of the benchmark index was SR5.95 billion ($1.58 billion), as 95 of the listed stocks advanced, while 137 retreated.    

The MSCI Tadawul Index increased by 13.19 points, or 0.86 percent, to close at 1,551.49. 

The Kingdom’s parallel market Nomu rose, gaining 44.37 points, or 0.14 percent, to close at 31,474.69. This came as 40 of the listed stocks advanced, while 47 retreated. 

The best-performing stock was Anaam International Holding Group, with its share price surging by 6.33 percent to SR23.84. 

Other top performers included Etihad Etisalat Co., which saw its share price rise by 5.35 percent to SR63, and Tourism Enterprise Co., which saw a 4.65 percent increase to SR0.90. 

The biggest decline of the day was seen in Al Sagr Cooperative Insurance Co., with its share price dropping 9.83 percent to SR15.96. 

Saudi Steel Pipe Co. saw its share price drop 6.77 percent to close at SR67.50, while Astra Industrial Group fell 4.81 percent to SR182, reflecting broader market pressures.

Following this, Saudi Steel Pipe Co. reported its annual results for 2024, with net profits rising 15.21 percent year-on-year to SR250 million. 

In a Tadawul filing, the company said the profit increase was driven by a rise in gross profit to SR399 million in 2024 from SR283 million the previous year, largely due to higher sales volumes. 

Astra Industrial Group reported interim financial results for the period ending Dec. 31, with net profits rising 23.99 percent year on year to SR589.34 million. 

The company attributed the growth to higher gross profit across all sectors, increased sales value, and a rise in other income. 

Meanwhile, shares of Yamama Cement Co. fell 1.89 percent on the main market today, closing at SR36.25. 

In a separate announcement, Nayifat Finance Co. posted its annual results for 2024, with net profits surging 47.93 percent to SR131.23 million. 

The company credited the profit increase to higher operational earnings, driven by a decline in the net charge for expected credit loss allowance due to improved write-off recoveries. 

In today’s trading, Nayifat Finance Co.’s shares edged up 0.83 percent on the main market to close at SR14.74. 


Qurayyah power plant to expand by 3.01 GW thanks to $3.6bn investment

Updated 20 February 2025
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Qurayyah power plant to expand by 3.01 GW thanks to $3.6bn investment

JEDDAH: Saudi Arabia is boosting its energy security with an SR13.4 billion ($3.57 billion) investment to expand the Qurayyah power plant, adding 3.01 gigawatts to meet growing demand and support economic growth.

Saudi Electricity Co. and ACWA Power have signed a power purchase agreement with Saudi Power Procurement Co., the Kingdom’s sole licensed electricity buyer, to expand Qurayyah Independent Power Plant. This facility is the largest combined-cycle gas-fired independent energy station in the world.

The initiative supports the Kingdom’s Vision 2030 by improving electricity generation efficiency, reducing costs, and diversifying energy sources to replace liquid fuels in the power sector. It aims to enhance reliability and sustainability through advanced combined-cycle gas turbine technology while reducing carbon emissions and promoting environmental conservation.

The project, overseen by the Ministry of Energy, aims to increase Saudi Arabia’s electricity capacity and efficiency by adding combined-cycle power plant units designed for future carbon capture. According to the principal buyer, the deal was signed with a consortium led by ACWA Power, SEC, and Hajji Abdullah Alireza & Co. Ltd., with SEC and ACWA Power each holding a 40 percent stake.

As one of the Kingdom’s largest power generation projects, it includes the financing, construction, ownership, and operation of a combined-cycle gas power plant, along with the development and transfer of a 380-kilovolt electrical substation, according to the Saudi Press Agency.

SEC is the largest electricity producer, transmitter, and distributor in the Middle East and North Africa, serving over 11 million customers.

ACWA Power — the world’s largest private desalination company — announced that on Feb. 19 it received a notice from the Al-Shuaiba 2 Solar PV Independent Power Plant project company, confirming that it has been granted the commercial operation certificate by the SPPC for the first, second and third groups, with a total capacity of 2,060 MW.

In a statement on Tadawul, the firm added that the initiative is now fully operational, noting that it owns a net stake of 35.01 percent share in the project company.

The body expects the financial impact to be reflected in the current year’s second quarter.


Saudi investment ministry inks deal with Sana to boost entrepreneurial ecosystem in Al-Ahsa

Updated 20 February 2025
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Saudi investment ministry inks deal with Sana to boost entrepreneurial ecosystem in Al-Ahsa

RIYADH: A new cooperation agreement between the Ministry of Investment and Prince Ahmed bin Fahd bin Salman Center will see Saudi Arabia enhance its entrepreneurial ecosystem in the Al-Ahsa region.

The deal signed with the center, also known as Sana, focuses on attracting pioneering companies and innovators while fostering a business-friendly environment.

The Kingdom is increasingly being recognized for its growing enteprise-friendly landscape, securing third position in the 2023-2024 Global Entrepreneurship Monitor report.

The latest initiative, inked at the Al-Ahsa Forum 2025 in Al-Ahsa, also seeks to foster greater engagement with creative thinkers and business leaders through investment meetings and events, and will support the issuance of entrepreneurial licenses and provide access to essential services.

Moreover, the Sana agreement seeks to explore investment opportunities, encourage strategic partnerships, and promote investment alliances that enhance the competitiveness of the entrepreneurship sector in Saudi Arabia.

The new deal comes against a backdrop of venture capital pouring into the Kingdom, with the country retaining its position as the leading destination for such funds in the MENA region in 2024, raising $750 million, according to a report from regional venture platform MAGNiTT.

This marked the second consecutive year the Kingdom has led regional VC rankings. Saudi Arabia accounted for 40 percent of the total amount deployed in MENA, closing 178 deals, the most of any nation in the region.

Speaking to Arab News at at the LEAP 2025 Tech Conference held in February, Mohammed Al-Zubi —founder of Saudi venture capital firm Nama Ventures — explained that the nation is rapidly becoming a key player in the regional technology ecosystem and is emerging as the “center of gravity” for Middle East startups.

Al-Zubi believes Saudi Arabia’s support for the startup ecosystem is unmatched globally. Having spent time in Silicon Valley, London, and the Middle East, he argued that the Kingdom’s government-led initiatives are unparalleled.

According to the international policy advisory and research organization Startup Genome, Riyadh ranked among the top five startup ecosystems in the Middle East and North Africa in June, in collaboration with the Global Entrepreneurship Network.


King Salman approves Saudi riyal symbol

Updated 20 February 2025
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King Salman approves Saudi riyal symbol

RIYADH: King Salman on Thursday approved the official symbol for the Saudi riyal, marking the beginning of a new chapter in the Kingdom’s financial journey, as reported by the Saudi Press Agency.

Saudi Central Bank Gov. Ayman Al-Sayari expressed his gratitude to the nation’s leadership for launching the symbol, which he believes “reinforces Saudi Arabia’s financial identity both locally and globally.”

Al-Sayari further noted that this initiative underscores the growing international influence of the Saudi riyal, while also fostering a sense of national pride and cultural unity. He added that the newly designed symbol represents the Kingdom’s rich cultural heritage.

The symbol, which blends Arabic calligraphy with the name of the national currency, “riyal,” will be utilized in financial and commercial transactions both within the Kingdom and internationally.

The central bank governor also commended the collaborative efforts of all parties involved in the project, including the Ministry of Culture, the Ministry of Information, and the Saudi Standards, Metrology, and Quality Organization.

Introducing a symbol for the riyal reinforces the Kingdom’s financial and economic identity, further positioning the Saudi riyal as a credible and globally recognized currency within the international financial system.

It also simplifies the representation of the riyal in financial transactions and commercial dealings.

According to SAMA, the symbol will be rolled out immediately, with its integration into financial and commercial transactions, as well as various applications, occurring gradually in coordination with relevant entities.


Saudi Wafi Energy Pakistan reports $11.8 million profit for 2024

Updated 20 February 2025
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Saudi Wafi Energy Pakistan reports $11.8 million profit for 2024

  • The company became the majority shareholder of Shell Pakistan Limited in November 2024
  • It has formed a partnership in Thar Coal Project following a win in Saindak mining project

ISLAMABAD: Saudi company Wafi Energy Pakistan Limited has announced its financial results for 2024, reporting a profit of Rs3.3 billion ($11.8 million), according to a statement from the group on Thursday.
Wafi Energy, an affiliate of the Asyad Group, became the majority shareholder of Shell Pakistan Limited (SPL) in November last year and now holds approximately 87.78% of the total issued share capital of SPL. However, the Shell brand will remain in Pakistan through retail and brand licensing agreements, with SPL as the exclusive brand licensee.
The financials of the company for the year ending December 2024 were announced by its board of directors.
“The company reported a profit after tax of Rs3.3 billion for 2024 compared to a profit of Rs5.8 billion [$20.7 million] in 2023,” the company said. “It is important to note that the 2023 results included a one-time income of PKR10.7 billion [$38.3 million] related to the waiver of Shell Group liabilities.”
The company highlighted that it increased its market share with Helix and Advance Lubricants and formed a partnership in the Thar Coal Project following a win in the Saindak Gold and Copper mining project.
“The mobility business also made significant strides, expanding its network by introducing 16 new sites and rebuilding nine existing ones,” the statement added. “The convenience retail business demonstrated strong growth, with a 28% year-on-year increase.”
SPL is one of the oldest multinationals in Pakistan, with a network of over 600 sites, countrywide storage facilities and a broad portfolio of global lubricant brands.
Shell has supported Pakistan’s development by providing energy for major projects like Mangla Dam and Kotri Barrage, powering Pakistan International Airlines’ first flights, expanding road infrastructure and fostering innovation among local entrepreneurs.