Saudi investment in China surges 344% in first seven months of 2023

In the first seven months of 2023, Saudi investment in China surged by an impressive 344.7% compared to the same period last year, indicating a rapidly expanding presence of the Kingdom in the Chinese market. Al Arabiya reported that actual investment from Saudi Arabia skyrocketed by 343.7% year-on-year, highlighting the growing interest of the country in Chinese opportunities.

China's Ministry of Commerce shared that investment from France also climbed 36.1%, while South Korea's investments rose by 15.8%. This data included investments facilitated through free trade ports. The ministry further disclosed that China welcomed the establishment of 37,711 new foreign-invested companies during the initial seven months of 2023, marking a 4.4% increase year-on-year.

The manufacturing sector garnered 61.1 billion riyals (approximately $16.3 billion) in foreign direct investment, while the services sector attracted 178.6 billion riyals ($47.6 billion). High-tech industries demonstrated remarkable growth, with foreign investment increasing by 32.7% year-on-year to reach 101.8 billion riyals ($27.1 billion), comprising 41.6% of total foreign investments in China—an 12.2 percentage point rise from the corresponding period last year.

Research, development, and design services emerged as the fastest-growing sectors, witnessing a 72.1% surge in foreign investment. Investment in scientific and technological achievement transformation services expanded by 62.2%, and electronics and communications equipment manufacturing saw a 39.9% growth.