The "China-Arab Entrepreneurs Conference" in Saudi Arabia will open this week, with 2,000 participants and a speech by the Chairman of HKEX.

The China-Arab States Entrepreneurs Conference is about to open, which is expected to further deepen economic and investment exchanges between the two countries.

On June 11-12, the 10th China-Arab States Business Summit will be held at the King Abdulaziz International Conference Center in Riyadh, Saudi Arabia.

The theme of this conference is "Building Prosperity". According to the official website of the event, the conference theme includes infrastructure construction, renewable energy, pharmaceuticals, start-ups, e-sports, tourism, and food security.

Speakers include leading figures from various industries in China and Saudi Arabia, such as HKEX Chairman Laura Cha, President Chen Fanchang of King Abdullah University of Science and Technology, Huang Jigong, President of International Business at SenseTime, Zhang Lei, CEO of Vision Group, Dr. Li Jin, CEO of Innovent Biologics, Yang Guang, Vice Chairman of CTH Group and Atlas Technology, Zhong Lei, Founding Partner of M31 Capital, and Li Shimou, Founder and Executive Partner of Chengwei Capital.

The organizers of the conference said that more than 2,000 people are expected to attend the conference.

China is Saudi Arabia's largest trading partner, and Saudi Arabia is also one of China's largest oil suppliers. The cooperation between the two countries is constantly deepening.

Last Wednesday, Chinese Ambassador to Saudi Arabia Chen Weiqing wrote:

In fact, China and Saudi Arabia are two action-oriented countries, and our cooperation will continue.

Partners

In recent years, China and Saudi Arabia have made rapid progress in diplomacy and economic relations.

In 2016, the Saudi government launched the "2030 Vision", aimed at reducing its dependence on the single economic pillar of energy exports, promoting the reform process of Saudi economic privatization, and investing through sovereign funds. Promoting the diversified development of the domestic economy.

This economic reform measure is known as the "Saudi version of reform and opening up," creating opportunities for cooperation between Chinese and Saudi companies.

In March of this year, Saudi state-owned oil company Saudi Aramco announced the acquisition of a 10% stake in Rongsheng Petrochemical, with a total consideration of 24.6 billion yuan. In addition, Saudi Aramco also plans to build a large-scale refining and chemical integration joint facility in the northeast region of China in partnership with Northern Industries Group and Panjin Xincheng Industry Group.

In addition to traditional oil and gas, the two sides have also increased cooperation in green energy, finance, infrastructure, and information technology.

In May, China Baowu Steel Group signed an agreement with Saudi Aramco and the Saudi sovereign wealth fund PIF to build the world's first green, low-carbon, full-process thick plate factory in the economic zone of Ras Al Khair Port in eastern Saudi Arabia.

According to the agreement, the three parties will establish a joint venture, with Baowu Steel holding 50% of the shares and Saudi Aramco and PIF holding 25% each.

The new factory will be powered by natural gas and equipped with direct reduced iron vertical furnaces and electric arc furnaces. Compared with traditional blast furnaces, this technology will reduce carbon emissions by more than 60% during the steelmaking process. According to the plan, the direct reduced iron plant can be compatible with hydrogen, and in the future, the carbon emissions can be further reduced by 90% without major renovations.

Wang Yiping, a professor of international relations at Renmin University, said that China can play a crucial role in Saudi Arabia's transition from traditional energy to a low-carbon economy involving more renewable energy:

The Middle East must find an ideal partner to develop artificial intelligence, digital economy, new energy, and space exploration.

Zha Daojiong, a professor at the School of International Relations at Peking University, said:

Renewable energy is an area where Saudi Arabia's pursuit and China's capabilities can be well combined.

In addition to the solar and wind energy industries, green hydrogen is another promising area for cooperation.

Saudi Arabia is also considering increasing the use of the renminbi in bilateral energy transactions, according to reports. Last month, Saudi Arabia was reportedly in talks with the New Development Bank (also known as the "BRICS Bank") to join the bank.