A business conference aimed at boosting ties between China and the Arab world concluded in Saudi Arabia on Monday, resulting in several deals between Saudi and Chinese entities and renewed momentum for China’s push into the Middle East.

The Arab-China Business Conference was held in Riyadh on Sunday and Monday. The conference featured various panels, workshops and networking sessions on energy, finance, mining, pharmaceuticals and more. Among the speakers were representatives of various Saudi and Chinese entities, as well as the governments of Bahrain and Egypt.

The conference resulted in more than 30 investment agreements worth more than $10 billion being signed. The following is a list of some of the deals, according to the official Saudi Press Agency:

• The Saudi Ministry of Investment and Chinese electric vehicle manufacturer Human Horizons signed a $5.6 billion deal to form a joint venture to develop, manufacture and sell vehicles. The firm manufactures vehicles in China under the name HiPhi.
• The Saudi AMR ALuwlaa Company signed a $533 million deal with Hong Kong’s Zhonghuan International Group to build an iron factory in the kingdom.
• The Saudi ASK Group and the China National Geological & Mining Corporation signed a $500 million cooperation deal on copper mining in Saudi Arabia.
• The Saudi Investment Ministry and the Hong Kong Android developer Hibobi signed a $266 million deal to develop mobile applications related to tourism and other unspecified sectors.
• The Saudi Al Safwa Building Company Limited signed a $266 million deal with China Gezhouba Group International Engineering Co., Ltd., and Top International Engineering Corporation Arabia, Ltd., on building construction in Saudi Arabia.
• The Saudi railway industry firm SABATCO signed a $250 million deal with the state-owned China Railway Construction Corporation to build train carriages in Saudi Arabia.
• The Saudi ministries of investment and industry signed a $150 million with China’s Sunda to produce calcium chloride, chlorine and other chemicals in the kingdom.

Why it matters: The conference occurred during a high in Saudi-Chinese relations. Saudi Arabia is one of China’s top oil suppliers, and China is the kingdom’s largest trading partner.

The two countries are also building their political and economic relations. In March, China brokered the Saudi-Iranian agreement that resumed diplomatic relations between the two rivals. That same month, Saudi Arabia became a dialogue partner of the China-led Shanghai Cooperation Organization.

The Saudi state-owned oil giant Aramco signed a deal with China’s Baosteel in May to build a steel factory in the kingdom. Relatedly, Baosteel chairman Xu Lejiang spoke at the conference on Monday.

Saudi Arabia is also reportedly interested in joining the so-called BRICS alliance of Brazil, Russia, India, China and South Africa. Saudi Arabia as well as Iran and the United Arab Emirates attended the BRICS meeting in South Africa earlier this month.

Dilma Rousseff, who leads BRICS’ New Development Bank, gave the keynote address at the conference on Monday. She said “crumbling world governance,” bank failures, high interest rates and inflation, as well as volatility in currency and capital markets, are necessitating the need for a “multipolar world.”

“We need to continue building a multipolar world where global forces are balanced,” said Rousseff.

The former president of Brazil specifically praised Saudi Arabia’s energy ties to China, including Saudi Arabia’s purported plans to price oil sales to China in yuan as opposed to the US dollar. Rousseff said that using local currencies “will contribute to a more balanced and multipolar financial landscape, reducing vulnerability to fluctuations” and “expand the reach of local currencies.”

"China and Saudi Arabia have the potential to rewrite the rules of the global energy market,” she added.

China is pushing the use of its own currency in regional energy deals. In March, the UAE and China settled a natural gas deal in yuan. Iran is similarly seeking to use non-dollar currencies in trade. 

Know more: US Secretary of State Antony Blinken downplayed US concerns about China’s ties to Saudi Arabia and the region, saying the administration remains focused on demonstrating the “benefits” of partnership with the United States, Al-Monitor’s Elizabeth Hagedorn reported from Riyadh last week.