The tangible growth of the Belt and Road Initiative and enhanced Sino-Saudi business ties will attract more Chinese companies to expand their market presence in Saudi Arabia, further transforming the country’s economic development pattern, said a senior business executive.
This optimistic outlook is underpinned by the shared economic interests of China and Saudi Arabia and their efforts to create synergy between the BRI and Saudi Vision 2030, said Michael Dyke, CEO of the Riyadh-based New Murabba Development Co, a business unit of Saudi Arabia’s Public Investment Fund.
Saudi Vision 2030 is a transformative economic and social reform blueprint that is opening Saudi Arabia up to the world, and boosts the countries’ communication and coordination on regional and international affairs.
New Murabba Development is responsible for building a modern downtown in Riyadh. Its development spans 19 square kilometers, features the Mukaab tower at its center. The project will include 2 million square meters of floor space featuring retail areas, tourist attractions, 104,000 residential units, 9,000 hotel accommodations and 80 entertainment options. Its first phase is scheduled to be completed and operational in 2030.