Chinese investors and entrepreneurs will attend a Riyadh conference on business . The conference aims to explore expansion and fundraising opportunities. Bringing together business and government leaders amid warming diplomatic relations.
The 10th Arab-China Business Conference, hosted by Saudi Arabia, marks the first such forum since Chinese President Xi Jinping’s “epoch-making” visit to the Gulf state. Beijing described this visit as the biggest diplomatic initiative in the Arab world.
The Riyadh conference is scheduled for Sunday (Jun 11) and Monday. It follows US Secretary of State Antony Blinken’s recent visit to Saudi Arabia. The visit was a part of efforts to improve strained ties with its closest ally in the Middle East.
However, the deepening cooperation between Riyadh and Beijing in security and sensitive high-tech sectors has raised concerns for the US.
2,000 attendees from Greater China
The conference will see around 2,000 attendees from Greater China. Thus , making it one of the region’s largest business delegations to visit Saudi Arabia. This is according to a person with direct knowledge of the matter.
This gathering between the world’s second-largest economy and Gulf energy giants comes at a crucial time. A time when economic slowdown and geopolitical tensions have posed challenges for Chinese funds and companies seeking fundraising and expansion opportunities.
Henry Zhang, President of Hong Kong-based private equity firm Hermitage Capital, expressed optimism about the potential of the Middle East, particularly Saudi Arabia, as a new market and source of capital for Chinese companies and investors. Zhang, attending the conference for the first time along with several portfolio companies, hopes the event will facilitate their exploration of the local market and provide insights into the demands of Middle Eastern investors for Chinese funds.
“In light of the recent influx of Chinese funds seeking new investors in the Middle East, we need to consider the needs and preferences of potential investors and find ways to differentiate ourselves,” Zhang remarked.
In addition , the conference aligns with Saudi Arabia’s Vision 2030 economic agenda. It aims to reduce oil dependence and modernize the country through the development of new industries.