Saudi Arabia holds many ‘promising investment opportunities' for Chinese investors, says finance minister
RIYADH: Saudi Arabia offers 'many promising investment opportunities' for Chinese investors across infrastructure, tourism, and industry, said Finance Minister Mohammed Al-Jadaan during a high-level meeting.
Speaking at the fourth meeting of the Financial Sub-Committee of the High-Level Saudi-Chinese Joint Committee, he highlighted opportunities, including 'partnerships between the Saudi public sector and Chinese companies.'
The remarks come as Saudi Arabia and China continue to deepen economic ties, with China remaining the Kingdom's top trading partner. In the first quarter, Saudi exports to China reached SR44.91 billion ($11.97 billion), while imports totaled SR59.33 billion — underscoring both nations' focus on strategic cooperation under Vision 2030 and the Belt and Road Initiative.
Al-Jadaan emphasized the significance of both countries' roles in the global economy.
'Saudi Arabia and China have a key role in achieving global economic integration through their effective participation in multilateral platforms,' he said.
Co-chaired by Al-Jadaan and Chinese Minister of Finance Lan Fo'an, the virtual gathering focused on deepening bilateral economic and financial cooperation, as well as enhancing coordination on global financial platforms.
Discussions included areas such as tax policy, capital markets, and banking regulation, as well as infrastructure development and public-private partnerships.
The deepening economic ties between the two countries follow a series of major agreements signed earlier in May during the Saudi-Chinese Business Forum in Beijing.
At the gathering, the Kingdom and China concluded 57 agreements and memoranda of understanding, valued at over SR14 billion ($3.7 billion), covering sectors including agriculture, water, environment, fisheries, and livestock.
Notable initiatives include the planned development of a Smart Food Security City in Saudi Arabia, which will comprise factories, laboratories, and integrated logistics services, as well as the establishment of an agro-industrial zone in Jazan aimed at strengthening supply chains and attracting agriculture-focused industrial investment.
Of the 57 agreements, 26 are dedicated to boosting Saudi exports to China, encompassing products such as dates, vegetables, fruits, and bottled water.
During the virtual meeting, Al-Jadaan called for enhanced financial integration and alignment of economic policies to support mutual prosperity.
'It is essential to continue deepening trade and investment relations, promoting financial integration, and coordinating policies between both nations to foster shared prosperity and sustainable development,' he added.
The minister also emphasized the importance of innovation and collaborative research.
'To create a more inclusive and competitive financial environment, it is essential to explore new and innovative domains, enhance research and development, and deepen public-private sector partnerships,' Al-Jadaan said.
Highlighting the value of multilateral engagement, he noted that such platforms are vital for addressing global development goals.
'Multilateral platforms provide an optimal opportunity for both nations to support emerging economies and achieve important economic goals such as development, poverty reduction, and promoting effective and inclusive dialogue globally,' he said.
Vice Minister of Finance Abdulmuhsen Al-Khalaf, speaking in a session titled 'Economic and Financial Multilateral Coordination,' praised the leadership of Saudi Arabia and China within international institutions such as the International Monetary Fund and the World Bank.
He called for forums like the G20 to prioritize cooperative and solution-focused approaches to global economic challenges.
Al-Khalaf also acknowledged the two countries' roles in debt relief initiatives, including the Debt Service Suspension Initiative and the Common Framework for Debt Treatment.
He urged both sides to continue engaging in global and regional multilateral platforms to strengthen their positions in international financial governance.
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Approval of discharging the members of the Board of Directors from liability for the fiscal year ending December 31, 2024. 8. Approval of the Board of Directors' recommendation to distribute cash dividends amounting to SAR 11,908,359 (eleven million, nine hundred eight thousand, three hundred fifty-nine Saudi riyals) to shareholders for the fiscal period ending December 31, 2024, at SAR 0.25 per share, representing 25% of the nominal value of the share. Eligibility shall be for shareholders holding shares at the end of the trading day on the date of the General Assembly and registered in the company's shareholders register at the Securities Depository Center (Edaa) by the end of the second trading day following the eligibility date. Dividend distribution will commence on 15-06-2025. 9. Approval of disbursing board member remuneration in the amount of SAR 990,000 for the fiscal year ending December 31, 2024. 10. Approval of disbursing Audit Committee member remuneration in the amount of SAR 164,481 for the fiscal year ending December 31, 2024. 11. Approval of business and contracts to be concluded between the company and Abdullah Ibrahim Al-Omaiqan Real Estate Co., in which Board Members Mr. Faisal Abdullah Ibrahim Al-Omaiqan and Mr. Ibrahim Abdullah Ibrahim Al-Omaiqan have an indirect interest. These involve a lease contract for administrative offices and showrooms located in Al-Nuzha district, Riyadh. The contract duration is two calendar years, with an annual rental value of SAR 1,263,708 (exclusive of VAT). The total value of transactions in 2024 was SAR 1,263,708. These contracts were executed in the ordinary course of business and under prevailing commercial terms without preferential conditions. 12. Approval of business and contracts to be concluded between the company and Mosakhan Waraq Enab Food Services Establishment, in which Board Members Mr. Faisal Abdullah Ibrahim Al-Omaiqan and Mr. Ibrahim Abdullah Ibrahim Al-Omaiqan have an indirect interest. The contract is for the sale of food products with a one-year term. The total value of transactions in 2024 amounted to SAR 597,099 (exclusive of VAT). These contracts were executed in the ordinary course of business and under prevailing commercial terms without preferential conditions. 13. Approval of business and contracts executed between the company and Al-Omaiqan Holidays and Travel, in which Board Members Mr. Faisal Abdullah Ibrahim Al-Omaiqan and Mr. Ibrahim Abdullah Ibrahim Al-Omaiqan have an indirect interest. This involves an agreement to provide ticket booking services. The total value of transactions in 2024 amounted to SAR 367,291 (exclusive of VAT). 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Approval of the Board of Directors' recommendation to increase the company's capital through the issuance of bonus shares as follows: • The capital increase will be through the capitalization of SAR 48 million from retained earnings, by granting one share for every one share held. • Total increase amount: SAR 48,000,000 • Capital before increase: SAR 48,000,000 • Capital after increase: SAR 96,000,000 • Increase percentage: 100% • Number of shares before the increase: 48,000,000 shares • Number of shares after the increase: 96,000,000 shares The capital increase aims to strengthen the company's financial position, support its expansion plans, and enhance shareholder returns by growing its business and seizing opportunities in the food sector. • Number of bonus shares: 1 share for every 1 share held • The increase will be through the capitalization of SAR 48,000,000 from retained earnings. Eligibility date: Shareholders who own shares by the end of the trading day on the date of the Extraordinary General Assembly and are registered with the Securities Depository Center (Edaa) at the end of the second trading day following the eligibility date. Fractional shares: In the event of fractional shares, they will be grouped in one portfolio and sold at market price. The proceeds will be distributed to eligible shareholders based on their respective entitlements within 30 days from the date of determining the entitled shares for each shareholder. • Approval of the amendment to Article (7) of the company's Articles of Association related to capital.
