China, Saudi Arabia photo:VCG

 
China and Saudi Arabia are ramping up cooperation projects in non-energy sectors after the 10th Arab-China Business Conference, including setting up overseas branches of Chinese banks and increasing cross-border trade of food.  

Saudi Arabian media outlet Arab News reported on Tuesday that Bank of China is set to open its first branch in Riyadh, capital of Saudi Arabia, later this year. 
Bank of China to start operations in Riyadh this year, says official.

The report quoted Jun Tian, head of the team for the launch, as saying that the bank's branch is expected to start operating by the end of October or the beginning of November. The representative said the bank aims to introduce Chinese currency to the world so it can be used in commercial financial transactions between China and Saudi Arabia as well as the entire Arab region, said the report. 

A representative from the investor center of Bank of China said on Wednesday that there is not currently a Bank of China branch in Saudi Arabia. 

"The current business in Saudi Arabia can be covered by branches in surrounding countries including the United Arab Emirates, Qatar and Kuwait, and we will inform investors after preparation for the Saudi Arabia branch is completed," said the representative. 

The 10th Arab-China Business Conference gathered over 3,500 Chinese and Arab officials and business representatives. A total of 30 investment agreements worth $10 billion were signed, covering a wide range of sectors, including technology, renewables, agriculture, real estate, minerals, supply chains, tourism and healthcare, according to media reports.

China-Arab cooperation deepens at key biz conference, in clear rejection of US' zero-sum game.

Zhanjiang Guolian Aquatic, a Zhanjiang-based seafood company, saw its shares rise by the daily limit of 20 percent on Wednesday after the company announced on Tuesday that it had inked a memorandum of understanding with Saudi Arabia's Public Investment Fund Asia Division. 

According to the agreement, the two sides will engage in cooperation on a seafood trading platform, futures trade and procurement with deals totaling $500 million. The Saudi fund will also provide funding of $60 million for the company's global purchase program.

Saudi Arabia has a long-term vision which aims to shift its economic reliance from energy products to other sectors, Zhou Rong, a senior researcher at the Chongyang Institute for Financial Studies at Renmin University of China, told the Global Times on Wednesday.

"For example, China-Saudi Arabia cooperation in agriculture may focus on farm irrigation, germplasm development and desertization prevention. In addition, Chinese companies can also invest in food manufacturing plants and export products for the large Chinese consumption market," said Zhou. 

After US Secretary of State Antony Blinken's visit to Saudi Arabia, the embrace of cooperation opportunities with China showed the clear stance of the Arab state. 

According to a report by the South China Morning Post on Monday, Saudi Arabia's Investment Minister Khalid A. Al-Falih expressed willingness to visit China In October to join the Belt and Road Initiative summit, and called for more cooperation with China in infrastructure construction. 

Saudi minister calls for people-to-people exchanges with China for businesses to 'kick the tires, do due diligence' to enhance trade.

Zhou noted that Saudi Arabia has the second-largest territorial area among Arab states and has strong influence in the region. "China-Saudi Arabia cooperation in non-energy sectors has a bright prospects, and will further boost Chinese companies' expansion in the Arab region and development of the Belt and Road Initiative," said Zhou.