We do not prioritize China over US: Saudi Investment Minister

By Al Mayadeen English
Source: Agencies
23 May 2023 22:53
1 Shares

The official noted that the US remains "Saudi Arabia's largest investment partner in long-term strategic cooperation."

Saudi Arabian Minister of Investment Khalid al-Falih speaks at the 2021 Milken Institute Global Conference in Beverly Hills, October 19, 2021 (Reuters)

Speaking at the Qatar Economic Forum on Tuesday, Saudi Investment Minister Khalid Al Falih said on Tuesday that Saudi Arabia does not give more priority to China over other States and that his country plans to maintain its economic partnership with China as well as with the US.

"We do not regard our relations with China as something different from our relations with other countries, for instance, Japan, or others. We expect to develop long-term economic partnerships with all [countries]," he said.

Al Falih added that Saudi Arabia's trade volume with China equals that of the US and the EU combined and that their trade relations go far beyond energy-related matters.

The US however remains "Saudi Arabia's largest investment partner in long-term strategic cooperation."

"There's no decoupling in any sense."

Investment Minister H.E. Khalid A. Al-Falih discusses Saudi Arabia's relationships with China and the US @QatarEconForum https://t.co/XjqP4MrWon #QatarEconomicForum #منتدى_قطر_الاقتصادي pic.twitter.com/L1HusiB48Q
— Bloomberg Live (@BloombergLive) May 23, 2023

Under the auspices of China, Iran, and Saudi Arabia agreed to restore diplomatic relations on March 10. The two countries had their ties severed in 2016 following Saudi Arabia's execution of Sheikh Nimr Baqir Al-Nimr.

The agreement to officially restore diplomatic ties was signed at a ceremony on April 6 in Beijing.

The two countries are scheduled to resume direct flights, allow mutual visits by top officials, and foster security collaboration. The collective West has been set back by the China-sponsored peace.

Its "rules-based" world order hangs by a thread, while the US' dollar supremacy wanes.

The blow was hard for Netanyahu, who just a month prior to the Iran-Saudi deal said that "Israel" and Saudi Arabia were planning to join forces on the basis of a common goal of stopping Iran.

While the US failed to fulfill its security commitments towards Iran, Saudi Arabia decided to maneuver into a position backed by Chinese guarantees of security.