FOR 2023, China has seen capital inflows from notable firms such as the Saudi Arabian oil company, also known as Aramco— the biggest oil company in the world— which purchased a 10 percent stake in Rongsheng Petrochemical for 24.6 billion yuan.
Meanwhile, Abu Dhabi-based investment institutions invested 1.1 billion U.S. dollars into Chinese electric vehicle maker NIO.
Moreover, a growing number of Middle Eastern funds from the UAE’s sovereign wealth fund have opened offices in Beijing.
Data compiled by Bloomberg revealed that the value of acquisitions and investments by Gulf companies in China has climbed more than 1,000 percent year-on-year to $5.3 billion.
The ambitious Belt and Road Initiative also paved the way for deepening and expanding relations between China and the Gulf states.
Oil-rich monarchies in the Gulf Region are investing their wealth in China with an aim to deepen ties amid uncertainties about the future of their longstanding security partnership with the United States.
