Naresh777/Shutterstock MOUs are part and parcel of state visits, but those struck during Chinese President Xi Jinping's December visit to Saudi Arabia were particularly diverse 鈥� ranging from electric vehicle (EV) manufacturing to renewables financing, IT and housing. If realized, China 鈥� on top of its current investment 鈥� stands to become a serious partner in Saudi Arabia's attempt to develop a sustainable economy less reliant on oil.This, in turn, promises practical benefits to the kingdom鈥檚 eastward tilt in geopolitics. Save for later Print Download Share Attracting investment to develop domestic industry is critical to Crown Prince Mohammed bin Salman鈥檚 Vision 2030 reform plan, which aims to diversify Saudi Arabia鈥檚 economy away from what he has called an 鈥渁ddiction to oil." Xi's visit to Riyadh last year saw some 34 memorandums of understanding (MOUs) signed across a variety of sectors, and political observers say the potential scale of investment is huge. Notably, both sides have state backing to deepen ties, aligning Saudi Arabia鈥檚 Vision 2030 with China鈥檚 Belt and Road Initiative (BRI).
