Cash rich China will partner oil rich Saudi Arabia in various industries including energy, logistics and telecommunication. China has recently inked 14 memoranda of understanding (MoUs) with Saudi Arabian companies. Saudi Arabia says that more is to come and the cooperation will also extend to other areas such as security, finance, national defence, technology and cultural exchanges.
Saudi Arabia’s recently announced reforms programme under ‘Saudi Vision 2030′ has much in common with the China-proposed ‘One Belt, One Road initiative’. “Saudi Vision 2030,” was approved by the Saudi Cabinet in April, constitutes a road map for the kingdom’s development and economic goals for the coming 15 years. China’s B&R initiative was proposed in 2013 and is also known as the Silk Road Economic Belt and the 21st Century Maritime Silk Road. Saudi Arabia is striving to lower its dependence on the energy sector while looking for an economic transformation, which requires further diversification of its industries and deepening global cooperation.