Saudi Arabian Delegation Attends World Economic Forum’s ‘Summer Davos’ in China

According to the Financial Times, Saudi Arabia is set to send a 24-person delegation to the ‘summer Davos’ event in Tianjin, China. Scheduled for June 27 to 29, the gathering presents a valuable opportunity for both nations to bolster their economic cooperation.

Get ready for the 14th Annual Meeting of the New Champions, where over 1,500 participants will gather to address the pressing need for global collaboration in the face of ongoing global economic crises.

Heading the Saudi delegation are Minister for Economy and Planning Faisal Al-Ibrahim and Minister for Communications and Information Technology Abdullah Alswaha, who will be accompanied by six ministers and six deputy ministers.

Faisal Al-Ibrahim is set to speak at a session entitled the ‘Global Debt Explosion’ on the second day of the conference, and at a session titled ‘Competitive Cooperation in Practice’ on the third day.

Economic cooperation between China and Saudi Arabia has increased remarkably in recent years, as Saudi Arabia seeks help diversifying its economy into new sectors under the Vision 2030 program. Key sectors marked for growth are healthcare, infrastructure, tourism and the digital economy.

On the other hand, the Chinese economy has struggled to restart growth after a prolonged period of economic shutdowns due to the Covid pandemic.

The deepening of cooperation between the two countries was most recently seen in early June when Riyadh held the 10th Arab-China Business Conference, hosting 3,000 participants from across the Middle East and China. The conference saw $10 billion in agreements signed on the first day alone.

It comes as bilateral trade between Saudi Arabia and China reached $116 billion in 2022, up from $87 in 2021, with Saudi Arabia also being one of the major oil suppliers to China.