The participation of the President of the Lebanese Chinese Business Association Ali Mahmoud El Abdallah, in the Arab-China Business Conference Held in Riyadh, Saudi Arabia

The participation of the President of the Lebanese Chinese Business Association Ali Mahmoud El Abdallah, in the Arab-China Business Conference Held in Riyadh, Saudi Arabia

Riyadh, June 12, 2023

The President of the Lebanese Chinese Business Association and Amaco Group, Ali Mahmoud El Abdallah, participated in the Arab–Chinese Business Conference and the Arab–Chinese Investment Symposium, both hosted by the Saudi Ministry of Investment over two days at the King Abdelaziz International Conference Center in Riyadh.

This major economic gathering is considered the largest of its kind globally, especially in strengthening Arab–Chinese economic cooperation, and comes as a continuation of the outcomes of the Arab–Chinese Summit held in Riyadh last December.

The event, co-organized by the League of Arab States, the Saudi Ministry of Investment, the Union of Arab Chambers, the Federation of Saudi Chambers, and the China Council for the Promotion of International Trade (CCPIT), reflects the path led by the Kingdom of Saudi Arabia toward progress and prosperity both within the Kingdom and across the Arab world.

The conference witnessed the signing of agreements exceeding USD 10 billion, covering 30 deals across various sectors, including technology, renewable energy, agriculture, real estate, minerals, supply chains, tourism, healthcare, and more.

During the conference, El Abdallah held several meetings with business leaders and heads of international organizations, Arab and Chinese associations, and global entrepreneurs. Among those he met were:

• H.E. Dr. Mohamad Al Jasser, Chairman of the Islamic Development Bank Group and former Governor and Chairman of the Saudi Central Bank,

• Mr. An Tao, Vice Chairman of CCPIT,

• Mr. Mohamad Al Ajlan, Chairman of the Saudi–Chinese Business Council, along with several of its members,

• Mr. Xu Jinli, Deputy Director-General of the China Chamber of International Commerce,
  as well as numerous representatives of Arab and international economic organizations and institutions.

“A New Dawn in Arab–Chinese Relations”

On the occasion of his participation in the conference, El Abdallah stated:

“In Riyadh today, under the generous patronage of His Royal Highness Crown Prince Mohamad ben Salman, we are witnessing the dawn of a new era in the history of the Arab world and in Arab–Chinese relations, particularly in the fields of business and investment.

We are indeed witnessing a rebirth of the region’s nations, just as the Crown Prince said in 2018 at the Future Investment Initiative Forum held in Riyadh, when he described the Middle East as ‘the new Europe.’”

Saudi Arabia Leading the “Great Renaissance”

El Abdallah continued:

“Amid the current global turmoil especially the economic and military tensions in Europe and other regions strong relations with China are a strategic gain for all Arab nations. China is a global power that believes in peace and in building bridges of cooperation at all levels, grounded in its economic, technological, and diplomatic strength and its international partnerships. It views the Arab world as a cradle of its most successful global partnerships.

Saudi Arabia is leading a great renaissance in the region, and all Arab nations are invited to join this transformation through cooperation with major friendly powers foremost among them, China, which has consistently expressed its desire to strengthen relations with the Arab world.

I call upon the Arab private sector, from this Arab–Chinese Business Conference, to continue advancing the path of Arab–Chinese partnership. The world being born before us today is a new world, one that demands from all of us unity, collaboration, and vision for the future of our nations and peoples.”

Lebanon and the Path to Recovery

El Abdallah added:

“With the Kingdom’s policy of moderation and conflict resolution across the region, we are now entering a new chapter of growth, partnership, and prosperity, all in service of the peoples of the region and the advancement of Arab economies.

In Lebanon, we must make decisive choices quickly to keep pace with these major political and economic transformations. I call for a comprehensive political, financial, and economic settlement, starting with the election of a new president, followed by a national reconstruction initiative and the establishment of a solid, transparent, and internationally compliant financial and banking sector, while also boosting tourism, industrial exports, and support for technological and digital entrepreneurship.”

A Historic Arab Moment

He went on to say:

“This is a historic Arab moment with massive economic and political implications. It will solidify Saudi Arabia’s role as a global hub shaping international policies and will help advance the implementation of the Arab–Chinese Summit’s outcomes.

During that summit, Crown Prince Mohammed bin Salman affirmed that the Arab world is capable of achieving prosperity and development through strong partnerships with major global powers — most notably China, which has achieved sustained growth and rapid technological progress, placing it among the world’s leading economies.”

El Abdallah continued:

“Throughout our participation in the conference, it was clear that the Kingdom has firmly set its national and Arab priorities and is steadily moving forward with its political and economic strategy based on strong partnerships.

The remarks made by Saudi Foreign Minister Prince Faisal bin Farhan on the first day of the conference reaffirmed this vision, as he emphasized that China is the largest trading partner of Arab countries, with trade volume reaching around USD 430 billion.

Likewise, Saudi Minister of Investment Khalid Al-Falih highlighted the Kingdom’s growing ties with China, stating that Saudi Arabia is the largest economy in the Middle East and the fastest-growing economy in the world last year. He also reaffirmed the Kingdom’s commitment to acting as a bridge connecting the Arab world with China, noting that the combined GDP of Arab countries exceeds USD 3.5 trillion, one-third of which comes from Saudi Arabia.”

In conclusion, Ali Mahmoud El Abdallah said:

“We are witnessing a world in transformation  with new global economic and political equations. We must read and respond to the realities of the present with the mindset of today, not that of the past.

To board the train of the great renaissance led by the Kingdom in our region, we  as leaders of the private sector must take the initiative and work with all our strength and determination.”