(Yicai) Dec. 3 -- Saudi Arabia is keen on exploring cooperation with more Chinese investors, according to the assistant investment minister of the Middle Eastern country.

"We're seeing a lot of interest from the Chinese," Ibrahim Al Mubarak said to Yicai in an interview during the recent 28th World Investment Conference in Riyadh. “We're engaging with them and we're seeing great momentum.”

China is Saudi Arabia's largest trading partner, surpassing the European Union and the United States combined, Al Mubarak noted.

Invest Saudi, the country's official investment promotion platform, has launched a Chinese-language website and hired a full-time employee in China, Al Mubarak said. The purpose is to engage Chinese investors and understand their needs and interests. Invest Saudi is identifying sectors, types, and scales of opportunities that would attract Chinese investors.

Joining Saudi Arabia's Transformation

Saudi Arabia attracts Chinese enterprises seeking to capitalize on the country's Vision 2030, a plan to diversify the economy and reduce dependence on oil revenues.

Ali Al-Azzawi, senior advisor to the investment minister, told Yicai that the ministry receives a large Chinese delegation weekly. “It's amazing. I just see them as part of the ministry really.”

The investment minister dedicates significant effort to ensuring Invest Saudi provides optimal support to Chinese investors, specifically demanding the website offer Chinese-language content as soon as possible, Al-Azzawi said.

"Saudi Arabia wants to be a processing hub like China for the Gulf and to supply to Europe," said John Defterios, professor at New York University Abu Dhabi. This presents a phenomenal opportunity for Chinese mining and infrastructure companies to join the 10 to 20-year project to build out the hub.

Chinese companies are already highly engaged, and their further involvement would accelerate Saudi Arabia's development in this space, Defterios suggested.

By 2030, Saudi Arabia aims to increase foreign direct investment inflows to SAR388 billion (USD103.3 billion), contributing 5.7 percent to the nation's gross domestic product, according to the national plan.

Editors: Tang Shihua, Emmi Laine