Chinese Delegation Explores Business Opportunities in Yanbu

Yanbu, Saudi Arabia - In a significant move to strengthen economic ties and explore new business opportunities, a high-profile delegation from China visited the Yanbu Royal Commission. This visit aligns with the strategic goals of both nations under Saudi Arabia's Vision 2030 and China's Belt and Road Initiative, aiming to enhance cooperation across various sectors.

The delegation, consisting of senior executives and representatives from leading Chinese companies, met with officials from the Yanbu Royal Commission to discuss potential investment opportunities. The focus of the discussions was on sectors such as renewable energy, industrial manufacturing, and infrastructure development. These sectors are pivotal to the ongoing development plans of the Royal Commission, which aims to transform Yanbu into a major industrial and economic hub.

During the visit, the Chinese delegation was given an in-depth tour of Yanbu's state-of-the-art facilities, including the King Fahd Industrial Port and the Yanbu Industrial City. These visits highlighted the advanced infrastructure and the strategic advantages Yanbu offers for industrial and commercial investments.

The Yanbu Royal Commission officials presented detailed plans for future projects, emphasizing the opportunities for foreign investment and collaboration. They highlighted the incentives and supportive policies in place to attract international businesses, such as tax exemptions, streamlined licensing processes, and access to the Kingdom's vast market.

In 2012, China and Saudi Arabia inked an agreement on a joint venture with a total investment of $8.6 billion. This venture, the Yanbu Aramco Sinopec Refining Company (YASREF), is owned 62.5 percent by Saudi Aramco and 37.5 percent by Sinopec. YASREF went into formal operation on January 20, 2016. This project underscores the robust collaboration between the two nations, with Sinopec owning 62.5 percent of its stakes and Saudi Aramco the remaining 37.5 percent.

Eng. Yaqoub Alhendi, CEO of OBNC, expressed optimism about the potential for Chinese companies in Yanbu. "The infrastructure and support provided by the Yanbu Royal Commission are impressive. We see significant opportunities for collaboration in various sectors, particularly in renewable energy and industrial manufacturing," said Eng. Alhendi.

This visit marks a pivotal step in the ongoing efforts to foster stronger economic ties between Saudi Arabia and China. It reflects the commitment of both nations to leverage their strategic initiatives—Vision 2030 and the Belt and Road Initiative—to create mutually beneficial partnerships.

For more information about investment opportunities in Yanbu and the support available to foreign investors, visit the official websites of the Yanbu Royal Commission and Invest Saudi

Saudi Government media source: Saudi Press Agency