Invest Saudi to open office in Greater Bay Area in Southern China

Invest Saudi to open office in Greater Bay Area in Southern China

Invest Saudi, the investment promotion agency overseen by the Saudi Ministry of Investment (MISA), is considering opening an office in the Greater Bay Area (GBA) to expand its presence in southern China. This move aims to attract capital, technology, and talent to support Saudi Vision 2030. Saleh Al-Khabti, MISA’s Deputy Minister for Investment Transactions, stated that they need to be present in all major cities in China to achieve their aspirations.

Vision 2030, introduced in 2016, aims to diversify Saudi Arabia's oil-dependent economy through substantial public spending and investments in various programs and infrastructure projects over the next decade. MISA is responsible for attracting investments, capital, and technology to support this transformation.

Trade between China and Saudi Arabia surged by 30 percent in the previous year to reach $106 billion, making China Saudi Arabia's top trading partner. The two nations' warming ties have resulted in substantial deals, with Chinese companies committing to invest $10 billion in Saudi Arabia, including a major agreement to produce electric vehicles for export. Additionally, there are opportunities for Chinese companies to participate in various sectors of Saudi Arabia's development under Vision 2030.

Al-Khabti noted that while Chinese banks have made some inroads into Saudi Arabia, there is still potential for greater participation, especially in capital formation and fundraising. Hong Kong's banks are well-positioned to facilitate such endeavors and play a role in helping Saudi businesses explore opportunities in China, given their understanding of the Middle East region.

Source: https://emeatribune.com/