Middle Eastern countries secured $39 billion in Chinese investments and construction contracts under the Belt and Road Initiative (BRI) in 2024, making them the top recipient of the infrastructure programme, according to the latest China BRI Investment Report 2024.

The surge represents a 102 percent increase in Chinese construction contracts in the region, strengthening its position as a key partner for Beijing, the report, a joint initiative between Fudan International School of Finance and the Griffith Asia Institute said.

Saudi Arabia led the rankings, attracting $18.9 billion in BRI engagement, followed by Iraq with $9 billion and the UAE with $3.1 billion.

China’s oil and gas investments reached a record-high $24.3 billion, with significant spending on processing facilities. A major component of this investment was an $8 billion oil refinery deal in Iraq.

Green energy projects also gained traction, with China committing $11.8 billion to solar, wind, and waste-to-energy projects across the region.

While Middle Eastern investments surged, Chinese engagement in Latin America dropped to its lowest level in a decade, and investments in Pakistan’s China-Pakistan Economic Corridor (CPEC) continued to decline, falling 40 percent after a sharp drop the previous year.

With global trade uncertainties and shifting investment strategies, experts anticipate continued Chinese focus on energy, mining, and infrastructure development in Middle Eastern economies in the coming years.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com) 

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