Business / Economy

Saudi Arabia holds opportunities for China beyond crude oil energy

By Du Juan (China Daily) Updated: 2014-03-18 07:34

China's largest foreign crude-oil supplier, Saudi Arabia, welcomes Chinese investors in business sectors beyond the traditional energy industry, a government official said.

Saudi Arabia holds opportunities for China beyond crude oil energy

Saudi Arabia holds opportunities for China beyond crude oil energy
China is a window on the world, and its government will improve cooperation between the two countries, said Governor of the Saudi Arabian General Investment Authority, Abdullatif A Al-Othman.

He spoke at the Saudi-China Investment Forum in Beijing on Saturday.

There are investment opportunities for China in Saudi Arabia's new energy, sea desalination and infrastructure construction sectors, said Zhang Guobao, chairman of the Advisory Board of the National Energy Committee.

Saudi Arabia has rich crude-oil resources and has put in great effort and investment to develop solar energy and raise domestic new energy consumption, Zhang said.

Both China's and Saudi Arabia's domestic oil consumption is rising. It therefore makes sense that countries with rich solar resources develop them into energy and export more crude, Zhang said.

China is the world's largest solar power producer, and potential exists for Chinese companies to invest in Saudi Arabia's solar industry, he added.

"In addition to the solar power industry, China's wind power generation ranks top in the world with mature technology," he said. "It is beneficial for both solar and wind power companies to further discussion with Saudi Arabia for future cooperation."

Zhang said China's experience and technology in building railways can help Saudi Arabia develop a better public rail system. The project is under discussion in the country.

China can also help in the seawater desalination business for Saudi Arabia.

Mohammed bin Ibrahim Al-Suwaiyel, president of the King Abdulaziz City for Science and Technology in Saudi Arabia, said that other than crude oil, water is the most important issue for the country.

He said Saudi Arabia and China have established research projects on oil as well as water treatment with certain Chinese universities, focusing on technology innovation.

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