Abdullah Al Alami
Recent developments in Saudi relations with China, South Korea, and Singapore have important implications.
The Saudi National Housing Company is completing a serious plan to attract Chinese companies to the local market to expand production lines. During the 10th Arab-Chinese Business Conference 2023, Riyadh and Beijing signed important agreements in the sectors of technology, renewable energy, agriculture, real estate, mining, and health care.
An agreement was also signed with the Chinese CITIC Construction Company, a leading firm among the 250 largest international construction companies, and considered a successful global contractor in the field of comprehensive engineering services.
As for relations with Korea, the South Korean Oil Company and Saudi Aramco signed a treaty to store oil and create a joint crude reserve amounting to 5.3 million barrels. An agreement was also signed between the Saudi Public Investment Fund and the Korean Hyundai Motor Company for a car manufacturing project in the Kingdom.
Another important development is the establishment of a partnership council between Riyadh and Seoul, and the signing of 52 memorandums of understanding for government and private agencies, including real estate, water, transportation, tourism, technology, infrastructure, cybersecurity, food, and medical products.
I will conclude with a summary of the agreement between Saudi Arabia and another important country; Singapore, where the relationship between the two countries has reached the level of a “strategic partnership” in defense and security. Among the recent developments, the Central Bank of Saudi Arabia (SAMA) concluded a cooperation agreement with the Monetary Authority of Singapore in financial technology, enhancing and facilitating the practice of activities in international markets.
The most active relationship is in energy, digital economy, logistics, electricity, petrochemicals, and the development of innovative technologies for the use of hydrocarbon resources.
Last word... Despite the continuing pressures and instability of the oil markets, Saudi Arabia continues to activate its efforts to cooperate with friendly countries and reliable financial organizations, to address the challenges facing the global economy in a way that serves all common interests.
* Saudi writer
