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Seven China-Saudi Arabia cooperative projects worth $1 billion were signed at the sidelines of the first China-Gulf Cooperation Council (GCC) summit held recently in Riyadh, Saudi Silk Road Industrial Service (SSRIS) said in a press statement.
The agreements focusing on automobile manufacturing, new materials, intelligent equipment, and food sectors were signed at an investment conference organized by SSRIS, which is a Riyadh-based joint venture between Guangyin International Investment Development which is the 60 percent owner, and Royal Commission for Jubail and Yanbu (RCJY), and Saudi Aramco Development Company, holding 20 percent each.
One of the seven projects is the $892 million Shengong Saudi Project, which seeks to boost cooperation between Shengong New Materials, a Guangzhou Development District-based enterprise, and Saudi Aramco Development Company, which had set up factories for new material modification and LED lighting in the Kingdom in two phases.
“We ship products back to China, some of which are for sale while others are for further processing into auto parts, LED lighting products, and waterproof construction materials in our factory in Guangzhou. We sell the finished products in the Middle East and Europe," said Gui Feng, Chairman of Shengong New Materials and Director of Shengong Saudi Project, adding that the annual output value is expected to be about $2.209 billion and will lead to 10,000 jobs.
(Writing by P Deol; Editing by Anoop Menon)
