Riyadh financial district eyes partnership with Chinese firms

As Saudi Arabia presses ahead with its Vision 2030 to diversify its economic structure, a Saudi official has expressed optimism about China’s long-term economic prospects, underlining the potential of bilateral cooperation and a willingness to fully support Chinese companies in expanding their footprint across the Middle East.

Faddy Abdulrahman AlAql, chief project delivery officer of the King Abdullah Financial District, or KAFD, said that the business hub in Riyadh has emerged as a core engine driving the kingdom’s economic restructuring and growth, boasting a complete industrial and residential ecosystem by gathering top-tier banks, regulatory bodies, law firms, tech giants and multinational enterprises.

He spoke highly of China’s sound long-term growth fundamentals, pointing out that China is positioning itself well for the next phase of global development.

“When I look at China’s economy, what gets my attention beyond the growth numbers is where that growth is actually coming from. China is moving up the value chain: Advanced manufacturing, tech, services, and real domestic consumption,” he said. “These areas have a strong overlap with Saudi Arabia’s developmental priorities.”

Calling China an important partner for Vision 2030, AlAql said China’s shift toward advanced manufacturing, technology and digital infrastructure aligns perfectly with Saudi Arabia’s mission to build a multi-engine economy.

He stressed that China-Saudi ties have deepened markedly, with engagement driven by private-sector collaboration. “This synergy is ushering in a new era of cooperation that goes beyond traditional energy trade into high-tech sectors,” he said, adding that the kingdom recently hosted over 30 Chinese firms exploring joint projects in advanced manufacturing, semiconductors and green technology.

Based on the “10-minute city within a city” concept, KAFD comprises residential communities, catering and retail amenities, more than 67,000 square meters of green space, and a Guinness World Record-breaking 15-kilometer climate-controlled skywalk network.

Chinese companies have played an active role in KAFD’s development. Huawei has deployed its smart city technologies covering artificial intelligence, internet of things and 5G under a memorandum of understanding signed in 2025.

“That led to the launch of Saudi Arabia’s first smart WiFi-7 network at KAFD. We are the first district in the kingdom to provide such coverage, and it is a game-changer for the digital services we can deliver.”

What is more, Chinese train manufacturer CRRC Corp Ltd has helped build the world’s first fully integrated automated rail system for a large-scale smart city. The line links six stations across 3.6 kilometers, capable of carrying 3,500 passengers an hour.

“These landmark collaborations not only improve KAFD’s digital and intelligent development level but also set a benchmark for deeper China-Saudi industrial cooperation,” he said.

Spanning 1.6 square kilometers, the district has over 1 million square meters of office space, housing and commercial facilities, transportation links connecting to King Khalid International Airport and three major lines of the Riyadh Metro.

Home to the headquarters of the Public Investment Fund and Saudi Exchange, KAFD now hosts over 140 enterprises and 20 regional headquarters for companies from around the world. Global heavyweights including HSBC and Goldman Sachs have set up offices there, alongside leading Chinese firms such as Alibaba and SenseTime.

Thanks to its prime location, business amenities and mature industrial ecosystem, KAFD has become an ideal gateway for Chinese enterprises to enter and expand into the Middle East market, AlAql said.

“Having the Saudi Exchange and PIF headquartered here makes a real difference. When Chinese investors explore opportunities in renewable energy, infrastructure, technology or advanced manufacturing, they do not need to travel across the city for meetings. They are right beside the institutions shaping these sectors. That proximity turns policy dialogue into tangible partnerships.”

In terms of policy incentives, he said that Saudi Arabia’s Regional Headquarters Program offers substantial benefits, including 30 years of exemption from corporate income tax, streamlined licensing that can be completed within days and access to government procurement tenders.

“If Vision 2030 is the engine, KAFD serves as a catalyst to keep it running smoothly. We have gathered all key players in one place,” he added. “KAFD sits squarely at the crossroads of opportunities for Chinese companies seeking to set up or expand their regional presence, and we are fully committed to facilitating that process.”

cuihaipei@chinadaily.com.cn